The ruble continues to weaken and inflation in Russia is currently increasing. Against this backdrop, Kremlin boss Vladimir Putin is calling for immediate measures to support the national currency.
The main factor behind rising inflation is the weakening of the ruble. “And here it is necessary to clearly understand its causes and make the right decisions in a timely manner and without delay,” Putin said on Monday during a government meeting on the state budget, according to Interfax news agency.
“I am sure that the Central Bank will work professionally and, what is important, will work in a coordinated manner,” Putin said. The central bank recently raised its key interest rate from 12 to 13 percent to support the ruble. The Ministry of Economic Affairs had previously raised inflation expectations from 5.3 to 7.5 percent. The statistics authority, which reports to the ministry, has – according to experts – changed the calculation basis for 2023 compared to the previous year, in order to reduce the number.
Putin still “satisfied”
Despite rising inflation, Putin was satisfied with the state of his own economy. Economic power has returned to 2021 levels. Putin said he expects economic output to grow by 2.5 to 2.8 percent this year. “We have absolutely withstood unprecedented pressure from outside, the sanctions pressure from some ruling elites in the so-called Western bloc.”
The Western sanctions are the result of the war of aggression against Ukraine, which Putin ordered in February 2022. In Russia, the war is simply referred to as a “special military operation,” while the 70-year-old Kremlin chief, who could run for president again next year, has often described Western sanctions as a war against Russia.
The Moscow business district “Moskva City” is located about five kilometers as the crow flies from the Kremlin and features architecturally spectacular skyscrapers.
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