Date: 10 months ago   Category: Finance

Glazyev has suggested to record ruble exchange rate at least for half a year — Rambler News Service


Photo: Sergey Fadeichev/TASS of Russia needs to record ruble exchange rate at least for half a year as a necessary condition for economic growth is the stable currency, the adviser to the president Sergey Glazyev on the WEF-2018 sidelines has told RNS. "It is necessary just him (ruble. – RNS) to record at that level at which it is, and not to allow him to fluctuate at least within half a year any more" — Glazyev has told. According to him, now ruble exchange rate "depends on speculators, mainly American speculators". "The Central Bank can stabilize at any time at any reasonable level to head him long enough: year, two, three" — Glazyev has explained. He has added that the stable currency is a necessary condition for economic growth. "Without stable rate of national currency it is impossible to plan investments, and in general nothing can be planned. Therefore all states of the world seek to provide to the national currency a stable course. The task of the Central Bank consists in it, according to the Constitution. And the volume of currency reserves in Russia exceeds the volume of monetary base therefore any problems to stabilize a course isn't present. All the matter is that the Central Bank pursues deeply wrong policy of a floating rate of ruble owing to what speculators are engaged in exchange rate formation mechanism. Not the state forms a course, proceeding from objective proportions of the external economic exchange, and speculators shake ruble exchange rate, receiving on it excess profits" — Glazyev has told.

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