“A record for the entire history of Russia.” Putin – about the harvest, the budget and the exchange rate of the ruble

About the inflation rate: “Inflation is gradually slowing down, over the past month its pace has decreased several times compared to March. The weekly increase in prices has already dropped to 0.1 percent, which is already close to the weekly growth rate in line with the inflation target of the Bank of Russia. We see a sharp rise in inflation in Europe. In some countries, it has already come close to 20% per annum, and in the eurozone as a whole, commodity prices have added over 11%.

On sanctions against Russia: “These sanctions in many ways provoke the global crisis. Their authors, guided by short-sighted, inflated political ambitions, Russophobia, to a greater extent hit on their own national interests, on their own economies, on the well-being of their citizens. It is obvious that, due to objective economic laws, the continuation of the sanctions obsession, if I may say so, will inevitably lead to the most complex, intractable consequences for the European Union, for its citizens, and also for the poorest states.”

About the grain harvest: “A good harvest is expected this year. According to experts – of course, these are preliminary estimates – the grain harvest may reach 130 million tons, including 87 million tons of wheat. If this happens, and we will count on this, then this could become a record in the entire history of Russia.”

About the budget: “The possibilities of the budget system are growing. In January-April, the consolidated budget surplus amounted to 2.7 trillion rubles. Despite the fact that budget expenditures at that time also grew noticeably due to the decisions made on advanced financing of development projects and advance purchases.”

On parallels in history and the current economic situation: “We recently celebrated our main holiday, Victory Day. And I want to remind you that it was achieved not only in battles on the fronts, but also due to the economic power of our country, which then opposed the industrial potential of not only Germany, but almost all of Europe, which the Nazis enslaved. It’s a word.”

About preferential mortgage: “Preferential mortgage mechanisms will support the construction industry and related sectors of our economy. Taking into account the reduction by the Central Bank of the key rate to 14%, it was decided to reduce the rate on preferential mortgages to 9%. Loans at this rate can be obtained starting from May, while the preferential mortgage program itself has been extended until the end of this year.”

About the ruble: “Against the background of a record positive foreign trade balance, the exchange rate of the national currency is also strengthening. This year, the ruble exchange rate shows, probably, the best dynamics among all currencies of the world. At the same time, domestic demand in Russia lags behind last year’s values, and the amount of money in the accounts of enterprises and citizens continues to decline. Obviously, these factors have a negative impact on economic dynamics. Such risks need to be mitigated, including based on our successful experience of targeted actions in the context of the 2020-2021 pandemic.”

On the income of citizens as a social indicator of the economy: “The most important indicator of the success of socio-economic policy is the income of Russian citizens. To ensure positive dynamics here, it is necessary to support consumer demand, increase the opportunities for business and the regions of the country. A number of decisions in this regard have already been made.

Companies in the manufacturing sector will be entitled to deferral of insurance premiums for the third quarter of this year. This is about half a trillion rubles. I have already instructed the government to work out the issue of providing additional preferences for the payment of contributions for the third quarter, depending on the retention of employment and the wage fund. We have expanded the program of guarantee support for corporate lending by VEB.”

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