Essential to ensure separation of powers between Russian Central Bank and government during joint efforts - Putin

MOSCOW. Dec 4 (Interfax) - Combating inflation while simultaneously supporting economic growth in Russia will require coordinated actions from the government and the Central Bank of Russia, and the head of state's task is to help find a golden mean in achieving these goals, Russian President Vladimir Putin said at a plenary session of the VTB Russia Calling! forum.

At the same time, it is important to maintain the existing separation of powers between the Central Bank and the government, he said.

"It is necessary for the set of tools used by the Central Bank in its policy and the set of tools used by the government to support economic growth and the country's technological development to complement each other. For this, solidarity between the regulator - the Central Bank - and the government is needed. So far, we have managed to do this, and I hope this process will continue in the near future with the ultimate result of ensuring both economic growth and controlling inflation," he said.

The president said he hoped that Russia will reach its inflation target of 4% "by a certain year". The Central Bank currently forecasts that this level will be reached in H1 2026.

"The most important thing here is well-qualified, highly skilled, and coordinated cooperation and work between the government and the Central Bank, despite the fact that their functions are delineated by Russian law, and the Central Bank's independence is ensured by law," Putin said.

"I believe we will continue to work within this framework and paradigm, and we won't mix the regulator's duties with those of the government. My role is to guide them toward finding a golden mean in the financial and credit sphere through joint efforts," he said.