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Mr Putin and Mr Gerashchenko discussed the Central Bank’s lowering of the interest rate for refinancing. The acting head of state said such a step would serve as a good example of the stabilisation of the Russian economy and would stimulate consumer activity and the development of consumer credit.

Commenting on the Central Bank’s proposal that exporters should sell 100% of their hard currency earnings, the acting president pointed out that such a decision should be balanced and should not harm the exporters themselves.

Speaking to reporters after the meeting, Mr Putin expressed confidence that though under the constitution the head of government takes over as acting head of state until a new president takes office, the effectiveness of the government’s work would not decline.