Business

Russian state banks to cut lending rates to 8-12%

21:22 16/10/2009

NOVO-OGARYOVO, October 16 (RIA Novosti) - Russian state-controlled banks are set to cut lending rates to 8-12%, Finance Minister Alexei Kudrin said on Friday.

He said the average interest rate on credit from banks in Russia is currently 18% per year.

Speaking after a cabinet meeting on economic issues chaired by Prime Minister Vladimir Putin, he also said inflation would be below 11% in 2009, and 8-11% in 2010.

Kudrin stressed that changes in the Central Bank's refinancing rate would be dictated by inflation.

"The Central Bank's rate is lowered not on government orders, but as inflation falls," he said.

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