Glazyev estimated the damage from the 'reckless actions of the Central Bank' of 10 trillion rubles
Russia has lost more than 10 trillion rubles because of the Central Bank's policy of curbing inflation. This is on Tuesday, November 29, wrote in his article adviser to the President of Russia Sergei Glazyev. The material is published on the website of the newspaper Kommersant.
'The damage from the policy of the Bank of Russia since the transition to inflation targeting has already exceeded 10 trillion rubles in terms of unreleased products and three trillion rubles of unrealized investments, not to mention the lost jobs and declining incomes of the population all this time,' Glazyev said.
The Central Bank reduces inflation by reducing the money supply, in this way over the past three years, the Bank of Russia withdrew from the economy more than five trillion rubles previously issued for refinancing of commercial banks. 'In the future plans to pump out from the economy already the funds of enterprises and the population,' Glazyev said.
He calls the regulator's activity 'unprecedented in recklessness.' When the head of the Central Bank asserts that free floating of the ruble's exchange rate is intended to mitigate external shocks for the economy, 'the sense of reality disappears,' the presidential adviser is sure.
The introduction of a floating exchange rate of the ruble made it the object of manipulation of speculators. 'That is why, having the most secure currency in the world and a positive trade balance, the Russian monetary authorities allowed an unprecedented collapse of the exchange rate and its record volatility, including among the oil-producing countries,' the economist believes.
On November 22, Glazyev compared the state of the Russian economy with myocardial infarction.
It is expected that this year inflation will not exceed 5.8 percent, while the economy will decrease by 0.6 percent.
Russia switched to a floating ruble rate at the end of 2014 amid a sharp drop in oil prices. Simultaneously, the Bank of Russia raised the key rate to 17 percent.
During the exchange auctions immediately after the corresponding decision, the euro broke the mark of 100 rubles, the dollar - 80. This day began to be called 'black Tuesday'. Since then, the regulator has consistently reduced the key rate. Its current level is 10 percent.
Russia has lost more than 10 trillion rubles because of the Central Bank's policy of curbing inflation. This is on Tuesday, November 29, wrote in his article adviser to the President of Russia Sergei Glazyev. The material is published on the website of the newspaper Kommersant.
'The damage from the policy of the Bank of Russia since the transition to inflation targeting has already exceeded 10 trillion rubles in terms of unreleased products and three trillion rubles of unrealized investments, not to mention the lost jobs and declining incomes of the population all this time,' Glazyev said.
The Central Bank reduces inflation by reducing the money supply, in this way over the past three years, the Bank of Russia withdrew from the economy more than five trillion rubles previously issued for refinancing of commercial banks. 'In the future plans to pump out from the economy already the funds of enterprises and the population,' Glazyev said.
He calls the regulator's activity 'unprecedented in recklessness.' When the head of the Central Bank asserts that free floating of the ruble's exchange rate is intended to mitigate external shocks for the economy, 'the sense of reality disappears,' the presidential adviser is sure.
The introduction of a floating exchange rate of the ruble made it the object of manipulation of speculators. 'That is why, having the most secure currency in the world and a positive trade balance, the Russian monetary authorities allowed an unprecedented collapse of the exchange rate and its record volatility, including among the oil-producing countries,' the economist believes.
On November 22, Glazyev compared the state of the Russian economy with myocardial infarction.
It is expected that this year inflation will not exceed 5.8 percent, while the economy will decrease by 0.6 percent.
Russia switched to a floating ruble rate at the end of 2014 amid a sharp drop in oil prices. Simultaneously, the Bank of Russia raised the key rate to 17 percent.
During the exchange auctions immediately after the corresponding decision, the euro broke the mark of 100 rubles, the dollar - 80. This day began to be called 'black Tuesday'. Since then, the regulator has consistently reduced the key rate. Its current level is 10 percent.
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