Putin To Accelerate Switch To Trading In National Currencies Under New Conditions

Russian President Vladimir Putin said on Monday that “we” must switch to trading in national currencies in new conditions. Western sanctions have led to a deterioration in the economy in the West, he continued.

On the Russian economy, Putin said that retail demand has normalized, inflation is stabilizing and unemployment remains low.

Russia was right to manually regulate the market, he continued, adding that the ruble has stabilized and cash forex is flowing back into Russian banks.

Meanwhile, CBR rate cuts will make lending in the economy cheaper, he noted, and the government’s budget should support the economy and liquidity.