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Putin Orders Lower Borrowing Costs For 'productive' Russian Companies

President Vladimir Putin has instructed Russia's central bank to reduce borrowing costs for "productive" companies, the Kremlin said on its website. The directive may... More President Vladimir Putin has instructed Russia's central bank to reduce borrowing costs for "productive" companies, the Kremlin said on its website. The directive may increase the pressure on Governor Elvira Nabiullina to soften the bank's tough anti-inflationary policy. Russia's central bank has resisted cuts in its key policy rate for over a year despite an abrupt economic slowdown. The order recommends financial institutions to work on "stimulating a lowering of the level of interest rates on rouble loans provided to organizations active in the productive sphere". Less

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