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September 30, 2009

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Home » Business » Economy

Russia to loosen control

RUSSIAN Prime Minister Vladimir Putin told investors yesterday that the government will reduce its role in the economy and ownership of companies over the coming years to allow for better growth.

Speaking at a forum aimed at promoting Russia's business climate, Putin and other government officials also tried to persuade investors that the worst of the crisis that has pounded Russia's economy was over.

Still, the weak state of the economy was highlighted by the Russian Central Bank, which cut to its key interest rate by half a percentage point to 10 percent yesterday - the seventh such cut since the spring.

The bank said the rate cut was "based on the need for additional stimulation of economic activity."

Like other countries, Russia has battled the crisis by buying up shares in troubled industries, such as the banking sector. That's worried investors who fear that in the long term Russia, with its economy already dominated by state and public-sector industries, will stagnate.


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