Nabiullina’s actions increase the burden on the budget
The increase in the key rate by the Central Bank of Russia from 7,5 to 16% complicated the government’s support for import businesses.
Russian Deputy Prime Minister Andrei Belousov spoke about this in an interview with Kommersant newspaper today, reports a PolitNavigator correspondent.
“We set up this support for about 90 rubles. per dollar, but imports are supported by loans, and an increase in the key rate creates certain difficulties. The loan portfolio is around 106 trillion rubles. somewhere, of which 14 trillion rubles are government-subsidized loans. Simple arithmetic: an increase in the key rate from 7,5% to 16% multiplied by 14 trillion rubles—approximately 1,1 trillion rubles is an additional burden on the budget.
If you calculate carefully, the need for additional costs will be about 400–600 billion rubles. per year,” Belousov noted.
At the same time, he is encouraged by the fact that Russian importers have rolled out logistics routes well, which is why imports in 2023 increased by 5,4%.
“This roughly corresponds to the growth in domestic demand. Retail trade turnover this year increased by approximately 6%, investment by 10%. Thus, domestic demand increased by 7–8%. The fact that imports are growing slower than demand indicates the deployment of import substitution,” Belousov said.
Nabiullina's actions increase the burden on the budget.