Putin calls on Russian cbank to boost credits to real economy

MOSCOW, Jan 20 (PRIME) -- Russian President Vladimir Putin has called upon the central bank and its Chairwoman Elvira Nabiullina to develop new mechanisms to boost crediting of the producing sector of the economy, including small businesses, Putin said Wednesday during at a forum of small and medium businesses organization Opora Rossii.

“One of the instruments…is lower reserves. Yes, the resources are freed. But let us ask her (Nabiullina) to channel these funds to the real economy, including small and medium businesses,” he said, adding that it would be wrong to issue direct orders to solve the problem.

Banks must find instruments to finance the producing sector of the economy, he said.

It would also be reasonable to study how state-controlled banks spend their money.

“Do they give money only to Rosneft and Gazprom or do they work with a vast array of clients, including small and medium businesses? And appraise their work on that basis,” Putin said.

End