Deputy Fin Min says Fed key rate cut good for Russian economy

NEW YORK, Mar 3 (PRIME) -- The reduction of the key rate by the U.S. Federal Reserve System (Fed) is positive for the Russian economy because it will support the global growth amid coronavirus, Deputy Finance Minister Alexei Moiseyev told reporters on Tuesday.

“Concerning the Fed rate reduction, in general, I think, that this is the acknowledgement of the negative influence, of coronavirus on the international economy among other things, which everyone is talking about,” Moiseyev said.

“Of course, the rate reduction will support economic growth, which we can surely see as a positive thing. The Russian economy is an integral part of the global economy. So the better the things are for the global economy, the better it is for Russia.”

The U.S. Fed cut the key rate to 1.00–1.25% from 1.50–1.75% earlier on Tuesday.

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