President Putin highlights stabilization of the Russian economy | News
President Vladimir Putin stressed on Monday that Russia resisted unprecedented pressure from the West from the sanctions imposed as a result of the special military operation in Ukraine and despite everything, the situation in the Russian economy is stabilizing, he stressed.
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The president told a meeting on economic issues that the ruble exchange rate is returning to the levels of early February, stocks of basic products in retail chains and the level of demand are recovering.
“Russia, as I already said, withstood this unprecedented pressure. The situation is stabilizing, the ruble exchange rate has returned to the levels of the first half of February and is determined by an objectively strong balance of payments,” he said.
He pointed out that in the first quarter, the positive balance of the current account of the balance of payments exceeded 58,000 million dollars, “and this is a historical maximum.”
Foreign currency cash is returning to the country’s banking system, the volume of citizens’ deposits is growing, the president added.
Speaking about the situation in the consumer market, Putin noted: “After a short boom in a number of products, and this happens all the time in such situations, always, retail demand has returned to normal.”
“Commodity stocks in retail chains are recovering,” he added.
At the same time, he noted that the Russian authorities “did the right thing by not resorting to manual and artificial regulation of the market, but, on the contrary, gave freedom to private enterprise to find the most appropriate and effective solutions.”
“These decisions made it possible to ensure the rhythmic supply of merchandise to the retail network, the availability of the necessary products in stores,” he said.
The president drew attention to the fact that “only for the last month and a half, consumer prices in Russia have increased remarkably: by 9.4%, and in annual terms, as of April 8, inflation was 17.5% “.
“I draw the attention of my colleagues from the government, from the Central Bank, we know everything very well about this, they are very high values. People feel this in their family budget, they feel how prices have risen and we need to support our citizens…” Putin suggested.
Russian authorities must support domestic demand, including by increasing the availability of business loans, the president said.