First Deputy Prime Minister Igor Shuvalov said that the Central Bank's decision on a free floating ruble transition was the right one, despite being "extremely painful."
"The Bank of Russia made an attempt to move to a free floating ruble. We believe that this was very painful, but absolutely justified and right," Shuvalov stressed.
According to him, the situation is aggravated by the fact that in the context of the sanctions there were negative expectations of business and citizens. In this regard, we had to go through a period of increased pressure on the ruble, Shuvalov explained, "however, the situation was able to handle it.
The consequence of this situation, of course, was the high key interest rate of the Bank of Russia, the unavailability of credit and the other problems," Tass cited the First Deputy Prime Minister.
