Russian government blames investment slowdown on high interest rates
Nov 8 (Reuters) -The Russian government hit back at central bank claims that labour shortages are causing a slowdown in investment growth, with Deputy Prime Minister Alexander Novak on Friday squarely placing the blame on high interest rates.
The Bank of Russia last month hiked its key rate by 200 basis points to 21%, the highest level since the early years of President Vladimir Putin's rule, as heavy state spending on the conflict in Ukraine tightens the labour market, pushing up wages and inflation.
More and more industrial firms are saying that product investment and development may suffer.
"Investments are one of the essential, key conditions of economic growth," Novak said at a forum in the Urals city of Chelyabinsk. "The growth rate of investments should be higher than the growth rate of the economy.
"Now, taking into account the high key rate we see a slight decrease in investment activity."
Kirill Tremasov, head of the Bank of Russia's monetary policy department, had on Thursday named widespread labour shortages as the primary culprit.
The bank and government have engaged in public spats over policy before, notably regarding the extension of capital controls supporting the rouble.
"The problem with such a key rate is the realisation of long investment projects," Novak said. "In practice, only very highly profitable companies can afford it or those financed by budget funds - state companies."
Andrei Klepach, chief economist at state development bank VEB, also blamed high rates, but warned that not all companies would be permitted to simply cut investments.
"Those who, fortunately or unfortunately, have a state defence order, are now criminally liable for its non-fulfilment," he said. "So for them, with a rate at 20% or 30%, they will all come and take out a loan, so as not to go to prison."
Widespread failures to pay, something major business union RSPP flagged last week, could cause mass bankruptcies in about two years from now, Klepach said.
Reporting by Darya Korsunskaya; Writing by Alexander Marrow;
Editing by Ros Russell
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