Russian President Vladimir Putin has declared the country’s economic stability, despite acknowledging concerns over high inflation. However, the Kremlin leader’s assurances come as Russia’s Central Bank is set to hike its key interest rate in an effort to combat rising prices.
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Putin Says Inflation ‘Worrying’ But Russian Economy Remains ‘Stable’
Russian President Vladimir Putin acknowledged concerns over high inflation but insisted that the economy remains “stable” in the face of external threats.
Russia’s Central Bank is expected to hike its key interest rate on Friday as part of efforts to combat rising prices. However, Putin said that if macroeconomic indicators are maintained, Russia will be able to cope with the rise in prices.
The Kremlin leader pointed out that Russia’s economy has grown faster than the eurozone over the last two years. Despite this, Moscow has ramped up military spending since the full-scale invasion of Ukraine, leading to deep labor shortages and high borrowing costs for businesses.
Russia officially targets an inflation rate of 4%, but prices have risen significantly faster since February 2022, when troops were sent into Ukraine. In October, Russia’s Central Bank raised its key interest rate to a historic 21% in an effort to bring down inflation.
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- yahoo.com | Russian economic situation stable, says Putin
- themoscowtimes.com | Putin Says Inflation Worrying But Russian Economy Remains Stable
