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Recent reforms allowed not to toughen macroeconomic policy amid crisis, Putin says

11 March 2021 22:41 (UTC +04:00)

Russia has softened the macroeconomic policy instead of toughening it in conditions of a recession for the first time in recent years, President Vladimir Putin said on Thursday, APA reports citing TASS.

"Owing to reforms of recent years, our new capabilities, strengthening of financial stability and economic sovereignty of Russia, we for the first time in modern history did not toughen macroeconomic policy in crisis environment but responded to the challenges by softening approaches in this sphere instead," the Russian leader said.

"The Bank of Russia reduced the rate by two points to the all-time low 4.25% last year, while budgetary incentives from the government made about 4.5% of GDP," Putin said. "This is a big figure for our country," he added.