Putin heralds bounceback in Russia’s economy

Wednesday, 12 October / CNBC

Russian President Vladimir Putin gave a realistic assessment of his country's economy on Wednesday, telling an investment forum of senior economic figures that conditions still need to improve further. 

Speaking at VTB Capital "RUSSIA CALLING!" Investment Forum on Wednesday, Putin said that authorities need to support macroeconomic stability but said that the country is experiencing a revival in banking. 

He stressed that a 3 percent budget deficit this year was acceptable, adding that it needs to stick to its inflation goal and added that the overall trend is for interest rates to fall. He added that officials understand that economic growth will not start automatically, later telling the audience that the central bank should clean up the banking system carefully.

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