Rate Cuts to Slow Down, Says Reshetnikov

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Interest rate cuts will proceed more slowly than desired, Russian Minister of Economic Development Maxim Reshetnikov predicted at the Moscow Exchange Forum.

"The capital market will be the main driver. Companies are heavily indebted, and if we look at the largest companies and many industries, they are in a difficult situation due to high interest rates. We understand that interest rates will decrease, but not as quickly as we would like," Reshetnikov was quoted as saying by TASS.