Putin: Russia’s economy will gradually stabilize and will be released on rise

Putin: Russia’s economy will gradually stabilize and will be released on rise


The Russian President noted that a number of measures to stabilize the situation in the economy, in particular, the program of import substitution.

MOSCOW, 11 Jan. The Russian economy will gradually stabilize and remain on the rise, said President Vladimir Putin.

“We believe that we will gradually go still to stabilize and lift the economy,” Putin said in an interview with German newspaper Bild. He noted that the authorities of the Russian Federation has adopted a set of programmes, including for import substitution.

“And this is precisely investments in high-tech spheres”, — stressed the head of state.

He recalled that in Russia now there is a decline in GDP by 3.8%, industrial production — by 3.3%, inflation increased to 12.7%.

“That’s a lot, but we still have a positive balance of foreign trade, for the first time in many years, significantly increased the volume of export of products with high added value. This is certainly a positive process within the economy”, — said the President.

He recalled the gold and currency reserves of the Central Bank. “The Central Bank has about 340 billion of foreign exchange reserves, now may be wrong, but for 300 billion,” — said Putin.

According to him, the government there are two reserve Fund of approximately 70 and 80 billion dollars each.