ST. PETERSBURG, June 16. /TASS/. Russian President Vladimir Putin has announced the country's transition to a sovereign "supply-side economy" at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

Ways to combat inflation, the future of the international payment system and business audits by law enforcement authorities were also discussed at SPIEF.

The central event of the day was the plenary session, where the Russian President made a speech. "The Russian economy must become an economy of high salaries and wages," with new requirements for vocational education and greater labor productivity, Putin said.

Russia has coped with inflation over the last year and it currently stands at 2.9%, presidential aide Maxim Oreshkin said. At the same time, inflation has a "smooth upward trend" and this should be monitored very closely, he noted.

The international payment infrastructure is expected to undergo serious changes. National digital currencies are predicted to replace SWIFT, first deputy chairperson of the Bank of Russia Olga Skorobogatova said. "We set up the platform officially in May. As soon as the bill is approved, we will start working with the digital ruble in real transactions," she noted.

Nobody will notice the departure of foreign banks from the Russian market as their share is small, Sberbank CEO Herman Gref said. "They lost the competition to our Russian companies in an absolutely open market," the chief executive added.

Russian oversight bodies reduced inspections of private companies by 2.4 times, business ombudsman Boris Titov said. Warnings make up about 40% of all measures taken against entrepreneurs and preventive activities account for about 70% of all actions taken, he noted.