Putin: Gov't reduces role in economy

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Prime Minister Vladimir Putin says Russia's central government will reduce its role in the national economy and ownership of companies over the coming years.

Vladimir Putin, Russia's Prime Minister, said, "As the situation stabilizes and the signs of crisis are overcome, we plan to consistently and purposefully reduce state intervention in the economy and, moreover, step up the privatization processes."

Investors at the "Russia Calling!" forum were told the worst of the financial crisis is over. Putin also notes the government's sizable intervention in the economy had been measured. Also on Tuesday,

Russia's Central Bank cut the key interest rate by half a percentage point to 10 percent.