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Russian poverty rate drops to 10.5 percent

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President Vladimir Putin

Russia‘s poverty rate stood at 10.5 percent at the end of the third quarter of 2022, slightly below 11 percent in the same period last year, President Vladimir Putin said on Wednesday.

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“The decline is certainly small, but it is important that in the current difficult economic situation there is such a definite positive trend. It is necessary to preserve it,” Putin told a government meeting.

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Thanks to targeted government support, the incomes of the bottom 10 percent of the Russian population are rising, he noted.

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“Our priority task is to achieve real income growth, reduce poverty and inequality in our country as a whole,” Putin said.

Russia’s current poverty line for a healthy adult is 15,172 rubles (about US$248) per month. ■

(Xinhua)

https://nnn.ng/naira-black-market-exchange-rate-today/

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