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Putin: Russian Government and Central Bank show ability to achieve results in crisis

October 13, 2015, 14:39 UTC+3
Despite all the difficulties that the Russian economy has faced, the management team in the economic sector has shown a high level of responsibility and the ability to achieve results, Putin says
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Russian President Vladimir Putin

Russian President Vladimir Putin

© TASS/Mikhail Metzel

MOSCOW, October 13. /TASS/. The Russian government and the Central Bank showed consistency and the ability to achieve results in a crisis, the Russian President Vladimir Putin said Tuesday at the "Russia Calling!" investment forum.

"I would like to give a word of encouragement to the Government and the Central Bank. Despite all the difficulties and challenges that the Russian economy has faced, our management team in the economic sector has shown a high level of responsibility, consistency and the ability to achieve results. I think it is also good opportunity to believe that Russia is a good place to cooperate and invest," Putin said.

According to the president, Russian authorities do not plan to limit capital flow.

"I want to repeat that limitations of capital flow are not planned," he said.

The President also noted the fact that Russian authorities gave a sign that they do not intend to limit capital flow in the country, triggered inflow of direct investment into the Russian economy. "For the first time since the second quarter of 2010 we recorded inflow of direct investment emerging in the third quarter of this year," Putin said.

Peak of crisis has been reached

The peak of the economic crisis has been reached and Russian economy has adjusted to new conditions, President Vladimir Putin believes.

"Naturally, we faced some crisis developments. However, some experts believe, and I agree with them, that the peak of the crisis as a whole has already been achieved, and the economy as a whole has adjusted or is confidently adjusting to the changing economic conditions," the president said.

He added that" this means first signs of stabilization, despite the fact that there has been recession in some sectors of economy except agriculture."

"Let me say this carefully, some colleagues believe that the peak of the crisis is left behind and our plans for the coming years imply that we will not only pass this route, not only come out of the state of depression in the sectors of the economy but will restore positive dynamics in general. I have no doubt that it will happen," Putin said.

Putin said that the processing sector of the national economy "already feels confident enough".

"At a time when our economy is adjusting to lower prices of raw materials, including hydrocarbons, opportunities open up for other sectors: for mechanical engineering, agriculture, processing and so on," the president said.

Putin added that this is the first factor that could attract potential investors not only in the oil and gas sector but also in other sectors of the Russian economy.

Introduction of floating rate turned to be proper and timely for national economy

According to Putin, introduction of a floating rate turned to be proper and timely for the national economy.

"This step became proper and timely for the country on the whole, for its economy, and ultimately for Russian citizens," the president said.

As far as the floating rate is concerned, "certainly, downsides for some participants in economic activity are in place," the head of state said. "There are some disadvantages for Russian citizens, for individuals, I mean that this affected prices and inflation accordingly. That is, certain consequences of negative nature for citizens exist," Putin added.


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