Oleg Deripaska criticized the policy of the Central Bank of the Russian Federation

Oleg Deripaska criticized the policy of the Central Bank of the Russian Federation

Moscow. February 19. The main owner of RUSAL and other assets of Oleg Deripaska continues to advocate for an adjustment of monetary policy, sees the need to develop domestic debt market and increase the number of state banks.

“We need to radically change the monetary policy of the Central Bank,” he said, speaking with their suggestions at the Krasnoyarsk economic forum on the theme “Strategy-2030”.

“We intuitively understand what they want: after this comes the stabilization foreign investment. No, we’re in lockdown, no one comes, when there is no growth, nobody will come to do business that brings the income,” he explained, answering the question about the purpose of such an adjustment of the regulator’s actions.

One of the main directions of work of the authorities, according to Deripaska, should be the development of the debt market. “We are a unique country – with the size of the economy, which does not have its own debt market. If we focus on private ownership and market relations, entrepreneurs, economic entities, they should be able to borrow” – said the businessman.

He encouraged everyone to look at the experience of China, which is primarily concerned with the creation of an efficient debt market. According to him, first of all, the state needs to develop the market of subfederal bonds.

Deripaska also reiterated that he considered it necessary to increase the number of credit institutions, including the state. “Look at the number of economic agents. After Stripping the Central Bank of private banks in General were not left, were in fact two banks. Two of the Bank is not able to pull such a big country,” he said, stressing that the monopolization of this activity led, as a consequence, raising interest rates in the credit market.

“The number of subjects should be other than two, there should be 8-10… If you invest again in these two banks, we will not receive rate of 14%, and 20-25%”, – he added.