Russian Central Bank Fails to Promote Growth, Deripaska Says

United Co. Rusal (486) Chief Executive Officer Oleg Deripaska said he is “very concerned” with the Russian central bank’s policy, according to an interview on state television Rossiya 24, posted on Rusal’s Facebook page.

The central bank has largely suspended money supply and frozen the development of the financial system in Russia’s regions as 75 percent of loans are provided by the five largest banks, Deripaska said in the interview.

Central bank policy makers have failed to promote employment and economic growth and they don’t take any examples from either developed countries or from China and India, Deripaska told Rossiya 24. As a result, interest rates in Russia are higher than those in the countries it competes with, he said.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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