Russian President Vladimir Putin has backed the central bank's tight monetary policy but has asked the government to support strategic sectors with subsidies. Critics argue that high interest rates stifle the economy and deter investment projects. Putin suggested that subsidies on loans for certain businesses could be one instrument to guarantee the strategic development of the Russian economy. Central bank governor Elvira Nabiullina said another rate hike is possible at the Dec. 20 meeting, but the outcome is not pre-determined. Critics of the central bank's policy argue that raising interest rates is losing its effectiveness as a tool for curbing inflation.