The Central Bank of Russia's policy is stifling high-tech businesses – Wasserman
Russian businesses need cheap loans to be able to make technological leaps.
State Duma deputy and intellectual Anatoly Wasserman announced this on the PRO Business in Russia channel, as reported by a PolitNavigator correspondent.
“The rate at which the Central Bank issues loans to commercial banks, the so-called key rate, significantly exceeds the profitability of most high-tech industries.
"That is, they can't take out loans and can only develop on their own profits, which, to put it mildly, are not very high . Accordingly, breakthroughs in these areas are impossible," Wasserman said.
"I'm not going to claim that loans are generally beneficial. On the contrary, in my view, relying on other people's money always acts like a boost. That is, a sharp increase is possible, but then comes a host of undesirable consequences.
“But nevertheless, just as in sports, there are circumstances when doping is unavoidable – at least when your opponents are also using doping,” he reasoned.
"It's the same now. What we really need now is a very sharp jump, so sharp that we can use the proceeds to cover any loans . And that's not happening right now."
"There's a very heated debate going on right now, both within the government and within the State Duma. It's still unclear who will win," the deputy added.
Russian version :: Read in English: The Central Bank of the Russian Federation's policy is stifling high-tech business – Wasserman