Russian Deputy Prime Minister and Finance Minister Alexey Kudrin
Photo: Dmitry Dukhanin
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Russian Inflation Will Be 5% in Three Yrs
Deputy Prime Minister and Finance Minister Alexey Kudrin has stated that he intends to use his new authority to develop the financial sector and lower inflation and interest rates. “We succeeded in developing the financial sector already and lower interest rates,” he noted. “I am certain that we will be able to lower inflation to 5 percent within the next three years. That means interest rates will be around 7 percent.” Kudrin was speaking on the News of the Week program on the Rossia television channel.
When asked about Russian Prime Minister Viktor Zubkov's criticism that Russian companies are forced to turn to foreign lenders for credit, Kudrin replied that he was looking into the causes for the cases he was referring to.
“I want to say that the in the banking system have questions,” Kudrin said. “There is a market and there are conferences. As I have said, we cannot have interest rates lower than inflations. Therefore, the main cause for the high rate of inflation in the country, I would say, is a disgrace that effects the public, business and banks. That task has yet to be completed by the government.” Kudrin emphasized that, in his new capacity, he will not only be responsible for the Finance Ministry, but will oversee the Ministry of Economic Development and Trade as well.
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