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Quote by Vladimir Putin

“The stability of the rate is the main issue and the Central Bank manages to ensure it one way or another. This was finally achieved after the Central Bank switched to a floating national currency exchange rate.”

Quote by Vladimir Putin

Author

Vladimir Putin is the President of Russia, born on October 7, 1952. Since 2000, Putin has served multiple terms as the President of Russia, profoundly impacting the political, economic, and social development of the country. more

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“My position is that the rate should align with the level of economic development. Because it is always about a balance, a balance of interests, and it should reflect this balance. A balance between those who sell something across the border and those who benefit from a low rate, as well as a balance between the interests of those who buy, who need the rate to be higher. A balance between national producers, for example, agricultural producers who are interested in it.”

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“Here we have 40 million Russian citizens involved in the sphere of agriculture one way or another. This is very important.”

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“We should not forget either about the interests of the regular consumers who need the prices in supermarkets to be a little bit lower.”

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“Therefore, let me reiterate that the rate should not meet the interests of a specific group or one or two groups, it should meet the fundamental development interests of the economy itself.”

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“I simply noted that one of the groups, especially exporters, would prefer to have a weaker rouble.”

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“I know very well about the necessary level of reserves of the Central Bank as well as the purpose.”

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“We can tell the general public that the gold and foreign currency reserves of the Central Bank are not designed to finance the economy, but rather to ensure foreign trade turnover. Therefore, we need this level to be able to provide the necessary foreign trade turnover for such an economy as Russia's for a period of at least three months.”

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