Izvestia: “Cheaper loans expected”
Today's 11.4% loan rates should not hamper economic development. The Central Bank of Russia and the Government will continue to reduce loan rates, Prime Minister Vladimir Putin promised on December 28, after visiting the new Vneshtorgbank (VTB) head office at the Moscow City business centre.
Employees of the Dealing Centre, a division trading in securities and currencies, have moved to the 32nd floor of a Moscow City skyscraper. They will have no health problems because the towering skyscraper lacks adequate numbers of elevators. Instead of spending 30 minutes waiting for an elevator, those rushing to their ultramodern work stations can find it more expedient to take the stairs.
Logistical problems did not prevent the bankers from welcoming Putin on time. They showed him around the stock-trading office. Putin also visited the bank's treasury on the 31st floor. VTB CEO Andrei Kostin accompanied Putin, telling him about his bank's achievements.
"We realise that any business must be socially responsible. Consequently, we have spent about 60 billion roubles on various programmes, including support for public organisations, student grants and athlete-assistance plans, throughout 2010. We support about 12 different sports, including football, track-and-field sports, judo and others," Kostin said.
"Do you go in for sports?" Putin asked.
Kostin hesitated and replied: "I go to the gym. Unlike at Sberbank, we don't hold any special training sessions here."
"Well, you ought to. Consider this my direct instruction. It would be sad if these young, handsome people only sit at computers all the time," Putin noted.
"We have a team, and we regularly play football," Kostin added.
"I also suggest you hold a judo match with the prosecutor's office," Putin joked.
After discussing sports, they focused on economic issues. The Prime Minister said Russian bank credit portfolios had grown by 9.2% in January-October 2010, issuing loans worth 1.1 trillion roubles. Average long-term interest rates have dropped to 11.4%, down from 14% in January-September 2009.
"The current interest rates are not the limit. Due to Russian economic specifics, we are unable to emulate US and European interest rates. But our interest rates should not hinder the growth of the real sector of the economy. The Central Bank and the Government will continue to reduce interest rates," Putin stressed.
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The first Russian mobile phone
Russian designed and made mobile phones with GPS-GLONASS chips will hit the market on March 1, 2011 and will cost 10,990 roubles each, Vladimir Yevtushenkov, CEO of AFK Sistema, a large Russian conglomerate, told Vladimir Putin during their meeting.
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Russia needs smart investment
There are plans to pass amendments to the foreign-investment law in 2011 in order to channel more investment in the food, medical and banking spheres and to liberalise the mining of mineral deposits, Prime Minister Vladimir Putin told attendees at a meeting of the Government Commission on Monitoring Foreign Investment. In all, Russia is to receive an estimated $40 billion worth of direct foreign investment in 2010.
Foreign-investment volume will continue to expand in the future. "Serious global competition for investment and technology is unfolding under the new post-crisis conditions. Those creating comfortable conditions for the application of capital will win. And Russia needs direct foreign investment, not just capital, but smart investment, new-quality jobs and technology transfers," Putin stressed.
Anastasia Savinykh
