27 Nov 2023 14:26

Putin calls for very careful approach to implementing loose monetary policy in future

MOSCOW. Nov 27 (Interfax) - Approaches to implementing loose monetary policy should be very careful in the future, Russian President Vladimir Putin said in a statement.

"One needs to be very careful here with this looseness," Putin said during a meeting with VTB President and Board Chairman Andrei Kostin.

VTB in 2024 expects a slowdown in banking sector growth and a decline in its income amid the measures taken by the Central Bank of Russia (CBR) to hike rates and limit lending, including consumer lending, Kostin noted.

"We understand that these are temporary measures; and we expect that the Central Bank will adjust its policy and make monetary policy less tight, and maybe even better, softer, as soon as the economy reaches target inflation figures," Kostin said.