18 Dec 2014 12:57

Putin hopes high Central Bank rate will not hold for duration of crisis

MOSCOW. Dec 18 (Interfax) - Russian President Vladimir Putin said he hoped the Central Bank's high key lending rate would not endure for the whole crisis period.

"I'm hoping that the key rate [which was raised this week] will not hold for the entire period related to the complex economic situation," he said at his annual press conference.

"One way or another, the economy will adapt to life and work given low prices for energy resources," Putin said.

The Central Bank raised its key rate 6.5 percentage points to 17% late Monday night in an effort to stem the steep decline in the ruble's value.