Russian President Vladimir Putin called on Monday for immediate measures to prop up the ruble, Russia's weakened currency, as the country grapples with rising inflation.
Regarding the devaluation of the currency, Putin said that "it is necessary to clearly understand what is causing it and to take appropriate decisions, without delay".
The Russian leader made these comments at a government meeting on the state budget, according to Russian news agency Interfax.
Increasing the interest rate is one of the ways to strengthen the currency of a country and to reduce the rate of inflation.
The Central Bank of Russia has already raised the interest rate to 13 percent. Putin has said that he believes in Russia's economic policies.
"I am sure that the Central Bank is working professionally and - what is important - in a coordinated manner."
The Ministry of Economy has said that the forecasts for inflation this year reach 7.5 percent.
According to experts, the Russian Bureau of Statistics has changed the way of calculating data in 2023, compared to 2022, so that the final figures are smaller.
Despite the increase in inflation, Putin has said that he is satisfied with the state of the economy.
"We have survived an unprecedented pressure from outside, pressure with sanctions from some elites in the so-called Western bloc", he said.
Western sanctions are the result of Russia's war in Ukraine.
Putin calls the war a "special military operation" to demilitarize Ukraine.
As a result of the war, thousands of people have died and millions more have been displaced from their homes. /REL