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Siluanov: Russia is waging financial wars with unfriendly countries
According to him, Russia is waging a financial war against unfriendly countries that have imposed sanctions, TASS reports.
Siluanov stressed that Russia faces serious challenges in the context of special economic measures. He said the Treasury is working to reduce inflation, noting that while inflation is stable, it is not yet low enough to achieve the country's economic policy goals.
The minister also warned against printing new money as this could lead to increased inflation.
"If we earn more money, there will be more inflation," Siluanov noted, adding that the failure to increase production of goods and the excess of banknotes leads to higher prices for goods.
In conclusion, Siluanov noted that the share of cash and payments will be reduced, but there are no plans to completely abandon them.
"We are trying to gradually move everything to a cashless format," he said, emphasizing that "cash will still be in circulation."
The Finance Minister previously stated that the Russian government plans to redistribute 7 trillion rubles by making about 900 changes to the budget for 2025-2027. Part of these funds will be used for the country's defense and security.
Earlier, the head of the Central Bank Elvira Nabiullina announced a mandatory transition to tightening monetary policy in response to current economic difficulties.
The Bank of Russia announced an increase in the base interest rate from 19% to 21%, which is a record figure.