The Bank of Russia does not print money like candy wrappers (unsecured funds) to solve economic problems in the country, unlike the USA and Europe, Vladimir Putin said on Wednesday at a plenary session of the Russian Energy Week.
"Yes, we have problems in the economy. Yes, of course, incomes in our country have fallen just like in the rest of the world. We are very worried about this state of affairs and are working to make sure that economic growth and the quality of this growth translate into higher wages. It is a complex process that needs time, a lot of focus, and administrative and financial resources. We have not achieved results for everyone, but we know what is happening and where, where people particularly need state support, so we are doing it in a targeted manner and providing additional income for families with children and for senior citizens. We are targeting the needy cases quite effectively," Putin said.
Inflation is up at over 7 percent, food prices have grown by even more than 7.5 percent. This is way above Russian goventment expectations. However, unlike its American and European partners, the Central Bank of Russia does not print "empty" money to solve problems in the economy.
"How much have food prices grown around the world? For various reasons, including in the wake of developments on the global energy markets. Indeed, we are part of a system. We have our share of problems, and we are working on them. I am confident that, given the support of the Russian people, we will certainly overcome these challenges, President noted.
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