Thursday, October 6

Putin says Russia should use budget to support economy

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Russia should use its budget to support the economy and liquidity in conditions of contracting lending activity even though the central bank’s rate cuts will make lending cheaper, President Vladimir Putin said on Monday.

Putin, speaking to top government officials by a video-link, said Russia should speed up the process of using national currencies in foreign trade under the new conditions.

Russia’s economy was hit by unprecedented western sanctions designed to punish Moscow for what it calls “a special military operation” in Ukraine that started on Feb. 24. (Reporting by Reuters)