1 Oct 2013 17:07

End borrower rates do not need regulation - minister

MOSCOW. Oct 1 (Interfax) - Russia's Economic Development Ministry does not think the interest rate for the end borrower should be regulated.

"We think that expenses need to go down for the banking sector also, because we do not agree with the idea that interest rates for the end borrower should be regulated in some way by setting indicative interest rates or by some other way," Economic Development Minister Alexei Ulyukaev said at the VTB Capital Russia is Calling forum on Tuesday.

The banking sector needs help reducing expenses, for example, by improving information resources, improving work with credit history bureaus and improving guarantee forming practices, he said.