November 5, 2019 / 9:47 AM / 14 days ago

Russian economy ministry: low loan supply supports disinflation

MOSCOW (Reuters) - Russia’s low loan supply, which in September accounted for 3.5% of gross domestic product (GDP) in the past year, has helped support the disinflation trend in the economy, Russia’s economy ministry said on Tuesday.

The central bank’s move to cut rates since July amid slowing inflation, however, has not reversed a slowdown in private sector lending, the ministry added.

Reporting by Darya Korsunskaya and Andrey Ostroukh; Writing by Gabrielle Tétrault-Farber; Editing by Alex Richardson

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