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March 4, 2010

RUSSIA: Ministry plans car subsidy extension

Russia's industry and trade ministry is proposing to extend its car loan subsidy and 'cash for clunkers' programmes until 2013, a source told a local news agency.

Russia’s industry and trade ministry is proposing to extend its car loan subsidy and ‘cash for clunkers’ programmes until 2013, a source told a local news agency.

About RUB12bn would be needed to subsidise interest payments on car loans over the period, and RUB20bn would be needed to finance the cash-for-clunkers programmes, Prime-Tass said.

Under the loan subsidy programme, the government provides interest rate subsidies amounting to two-thirds of the Central Bank of Russia’s (CBR) refinancing rate on loans for domestically produced cars sold for up to RUB600,000.

Under the cash-for-clunkers programme, owners of cars produced in 1999 or earlier can receive bonuses worth RUB50,000 rubles to buy new Russian-made cars in exchange for recycling their old cars.

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