16 Oct 2023 19:54

Russian budget expenditures on govt debt, preferential loans rise about 200 bln rubles with hike of 1 ppt in key rate - Deputy Finance Minister

MOSCOW. Oct 16 (Interfax) - Russia's federal budget expenditures rise about 200 billion rubles to service government debt and to finance preferential lending programs when the Central Bank of Russia (CBR) hikes the key rate by 1 percentage point, Deputy Finance Minister Vladimir Kolychev told reporters.

"There is over 200 billion rubles per 1 percentage point," Kolychev said when answering about estimates of the rise in interest expenses for the budget regarding a change in the key rate.

"Preferential loans are more than 10 trillion rubles, at 12 trillion rubles, and this is the total amount of loans for which the interest rate is reduced for the federal budget. There is another 10 trillion rubles in Russian federal loan bonds (OFZ)," Kolychev also explained.