MOSCOW, December 17. The President of Russia Vladimir Putin supported the policy of the Central Bank and the government to ensure macroeconomic stability. The President said at a press conference.
The Bank of Russia kept its key rate unchanged at 11% for the third time
“I support the policy of the Central Bank and the government to ensure macroeconomic stability is the first. Second, if they wanted to lower the rate that you can not do by administrative means, must proceed from the realities of our economy, from its structure,” he said.
Meanwhile, Putin stressed that in countries where low interest rates, there are risks of deflation, at a time when Russia – the problem of inflation.
The Board of Directors of the Bank of Russia on the last in this year meeting, December 11, kept its benchmark rate unchanged at 11% for the third time in a row amid increased inflation risks due to Turkish predamage, the slowdown of the Chinese economy, the implementation of the “Plato” and other risks.
Thus, the rate remained unchanged from August 3 this year.
About Central Bank rate
To reduce the rate of the Central Bank administratively impossible, Putin said.
“I support the policy of the Central Bank and the government to ensure macroeconomic stability is the first. Second – if they wanted to lower the rate that you can not do by administrative means, must proceed from the realities of our economy, from its structure,” he said.
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The policy of the state in the financial sector
Putin calls for responsible policy of the state in the financial sector.
“Despite the difficult financial and economic situation, we continue responsible policy in the field of public Finance”, – he said at a press conference.
Putin cited data showing that the incomes of the Federal budget for 11 months of the current year amounted to 12.2 trillion rubles, and expenditures at 13.1 trillion rubles. The President noted that to ensure a balanced budget was used the Reserve Fund. Putin noted that the Russian sovereign wealth funds are “good” – 11,8% of GDP. Reserve Fund, according to him, is 3 trillion 931 billion (5.3 percent of GDP), while the national 4 trillion 777 billion (6.5% of GDP).
The President stressed that in the current year fulfilled all social obligations.
About foreign exchange reserves
Russia’s international reserves make $364,4 billion, which is a solid reserve, said Vladimir Putin.
“International reserves amounted 364,4 billion (dollars). They are a little bit decreased, but, still, this is a very solid value,” he said.
He also drew attention to the positive trade balance, despite a lower turnover. “The trade surplus remains, and a fairly serious amount – $126,3 billion,” the President said. In addition, decreased external debt of the Russian Federation and the outflow of capital from the country, Putin said.