Putin: Russia will continue a liberal course in the field of currency regulation


SOCHI, October 11. The Russian authorities do not intend to withdraw from liberal course in the field of currency regulation and restrict the movement of capital, said the Russian head of state Vladimir Putin at a meeting with the CEO of Pirelli, Marco Tronchetti.

“We’re not going to get away from the liberal right can say, of course in the sphere of currency regulation,” Putin said. In his words, for investors it means that “we do not intend in any way to restrict the movement of capital, foreign exchange earnings”.

The President also noted that Russia will pursue a balanced budget and social policy, maintaining stability in this area.

The budget deficit

The Russian President also said that the budget deficit in Russia will be maintained at a low level in the near future on a zero indicator.

Putin said, in particular, that the authorities will be to ensure stability in fiscal and social spheres with the continuation of inflation targeting. “And, of course, will keep the narrow profile of the budget deficit in the near future to have a zero deficit and a surplus,” said the Russian head of state.

The situation in the economy

Putin said that the situation in the Russian economy will be stable. He noted that the government and the Central Bank of Russia working in close coordination with each other, recently there has been increase in foreign reserves, maintained a high level of reserve funds of the government.

“All this gives grounds to believe that the situation in the Russian economy will be stable and, despite the slowdown in domestic demand, we will work to ensure that it increased and became a significant factor in ensuring high rates of development of economy”, – said the President.

He also noted that Russia will continue to diversify the economy. According to him, pushes to this current situation that’s not so bad – “there are more positive”.
“Russia’s economy will maintain a good development potential,” – said the head of state.

Pirelli will increase investments in the Russian economy

Pirelli will increase investments in the Russian economy, said CEO Marco Tronchetti at a meeting with Russian President Vladimir Putin. “We have already invested €450 million in the Russian economy, and intend to continue,” said Tronchetti. According to him, the factories are working at full capacity, “and the fact that we cannot sell in Russia, we have possibility to export”.

Putin, for his part, noted the active work of Pirelli in the Russian market. “It’s nice to hear about your plans for increasing this investment activity”, – said the President. However, he drew attention to forecasts of a slowdown in the world economy and reduced demand. “But we take this very calmly,” he said, expressing confidence that this situation will be overcome.

Putin assured that Russia will work with Pirelli and other partners and investors. “We will do everything to help you and to accompany administrative,” he said.