Kudrin: instead of freezing pensacolai cost to get money from the national wealth Fund or Reserve Fund


NEW YORK, October 7. Instead of another freeze of pension savings it was necessary to use funds of the national welfare Fund (NWF) or the Reserve Fund.

This opinion was expressed to journalists by the head of Committee of civil initiatives former Finance Minister Alexei Kudrin during new York session of Moscow exchange forum.

“The decision to freeze pension savings. Instead of freezing you could use funds from the welfare Fund or the Reserve Fund. Freezing is an extreme measure,” – said Kudrin.

According to the former Minister of Finance, about $5 billion will be allocated to the accounts of citizens, and will remain with the FIU.

“This decision has not been made yet for one year, but for the third time. It does not allow the business to count on this resource, allows to understand how in the future will operate the market, that will be next year,” said Kudrin later in the session the exchange forum.

Earlier on Wednesday the head of the FIU Anton Drozdov said that the decision to freeze pension savings in 2016 is accepted. The Deputy Minister of Finance of the Russian Federation Alexey Lavrov also reported that the Ministry of Finance has laid the draft budget freeze of pension savings in 2016 in the amount of 342,2 billion.

Other statements by Kudrin

Kudrin also said he did not expect changes in the level of the key rate of the Bank of Russia at the meeting on 30 October. “I do not expect serious change rates, it must go hand in hand with a substantial reduction of inflation. In October the rate will likely remain at the same level,” he said.

According to the former Minister, the rate hike by the fed will lead to outflow of capital from emerging markets and the strengthening of the dollar against all currencies, including the ruble. “The main effect of the fed rate hike – the outflow of capital from emerging markets and countries. In anticipation of increasing 1,5 years there is an outflow, most of it has already happened, but it will be continued”, – said Kudrin.

He stressed that this trend will continue because of rising yields in the U.S. markets, why investors invest in this sector more than in an emerging market. “The dollar strengthening to all currencies, and the ruble”, – emphasized ex-the Minister of Finance of the Russian Federation.

In addition, Kudrin is sure that the operation in Syria will establish the U.S. / Russia new bridges for cooperation in case of coordinated actions of the countries. “I hope that the operation in Syria will be implemented in coordination with the U.S. and other countries and think that this will allow us (the Russian Federation) to establish new bridges and contacts for cooperation”, – said Kudrin.