Deripaska: the policy of the Central Bank and the government contradict each other, we need a joint plan


DAVOS, 22 January. Policy of the Bank of Russia and the government contradict each other, we need a joint plan, told reporters the businessman Oleg Deripaska on the sidelines of the Davos forum.

“The government cannot do more than it does now, without changing fiscal policy. Next is the adjustment of the system of monetary policy. Is it wrong if the Central Bank will stand in the role of an observer. It turns out that the government and the Central Bank are going in different directions. They hold a completely contradictory policy now. The government should not increase the deficit. We have a balanced budget, minimal foreign debt. I for that they offered. It is very important to encourage exports,” said Deripaska.

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According to him, Russia’s banking system lacks competition, which reduces the money supply for business.

“We now have two banks filled the entire economy, is it enough to provide the necessary money supply? Between them there should be competition. Let the Central Bank will create four more Bank if they want a competitive money supply. In China, for example, there were 32 large state-owned Bank, which were slowly being privatized, they are now in the world’s top asset,” – said the businessman.

Deripaska noted that it is necessary to make bets on the processing sector.

“For the Central Bank’s future is connected only with oil prices. In my opinion, it is connected with the processing. We cannot contradict the whole world, if the whole world for the growth of the light conducting monetary policy, and I don’t know of any country in the world where did this”, – said the businessman.

“Give us the opportunity to reach the export”

Deripaska also said that his company is ready to significantly increase exports with low interest rates in the money market.

“Give us the opportunity to reach the export, and we will expand its share of the market. We already have 50% market share, we entire range of Gas has updated, we have created many new industries. Growth is needed, and the second half he possible. It is very important to encourage exports, we can do a lot”, – said the businessman.