Russian Chamber of Commerce Wants Interest Rates at 5% or Less

Vedomosti reported that Vice President of the Chamber of Commerce and Industry of the Russian Federation Elena Dybova is pleased with the recent decision of the Bank of Russia central bank to further reduce interest rates down to 11% from 14%, because it will induce optimism. “However, in order to develop import replacement, domestic production and long-term investment which the economy needs now, the optimal rate should be 5% at the most.” This is an argument that economist Sergey Glazyev has long made against the monetarist policies championed by Bank of Russia Governor Elvira Nabiullina.