MOSCOW, December 18 (Sputnik) – Russia’s Central Bank needed to hike key rates in order to stabilize the country’s macro-economy, Russian President Vladimir Putin said Thursday during his annual year-end press conference.
“The key rate was raised in order to secure macro-economic stability and this was correct because it is we who can secure a healthy economy while relying on macro-economic stability, and this gives me the right to optimistically declare that sooner or later we will enter a positive trend in this economy,” Putin said.
The Russian currency has lost over half its value against the dollar since July, prompting the Central Bank to hike interest rates to 17 percent.
In October, the Russian Finance Ministry sought to calm the nation by saying it was ready to disburse some 500 billion rubles ($ 12.4 billion) in funds from the nation's safety net Reserve Fund, provided that oil prices and the dollar-ruble exchange rate remain at current levels.
