Speaking at the plenary session of the Eastern Economic Forum in Vladivostok, Putin said the high key interest rate is a deliberate choice tied to maintaining macroeconomic stability, and rejected the notion that the regulator's policy is overly restrictive.
The president said the government and the central bank are deliberately suppressing inflation and that this goal is being achieved. He warned that it is important not to over-cool the economy, adding that pumping it with money supply in the expectation that it will not affect inflation is dangerous.
Putin called public concerns about a possible freeze on bank deposits "stupid" rumors. He recalled that even in 2022, banks calmly handed depositors all the funds they requested.
Putin's statements sharply contrast with criticism of the central bank on Vladimir Solovyov's television shows, where propagandists have attacked the regulator and its policy for months, Agentstvo reported. The president effectively made them look foolish.
Market consensus does not expect a rate cut at the central bank's next meeting on September 11: only three analysts in a Reuters poll expect a reduction of 25 basis points to 13.75%, while the rest anticipate a pause.
VTB head Andrei Kostin, commenting on the situation, said the rate will not rise further and will gradually decline. He also expressed the view that the ruble's weakening may continue and that this helps the budget and exporters. The ruble traded near 86.85 per dollar on Thursday, having lost nearly a quarter of its value over the summer.