Putin adviser offered to collect with currency speculators by 1 trillion rubles.


Advisor to the President of Russia Sergey Glazyev urged to impose so-called “Tobin tax” foreign exchange transactions on the Moscow exchange. Such a tax even at the rate of 1% on a quarterly basis will allow to replenish the budget by 1 trillion rubles, he said on Thursday at a roundtable meeting on privatisation in the state Duma. According to Glazyev, the quarterly volume of currency transactions at the Moscow stock exchange reached 100 trillion.

“The Tobin tax” could be one way of replenishment of the budget — an alternative to the privatization of large enterprises, says Putin aide. And to cover the budget deficit by domestic borrowing, the potential of which Glazyev was estimated at 6-8 trillion rubles of domestic debt Build-up of not afraid — “do US”, but the external debt is no need to increase, he said.

“The Tobin tax” was so named in honor of Nobel laureate in Economics James Tobin who in the 1970s, first proposed the idea of taxing foreign exchange transactions. Glazyev is not the first time this idea, speaking for the taxation of “speculative financial transactions” in Russia.

According to the Moscow exchange, foreign exchange market turnover in the fourth quarter of 2015 amounted to 85.4 billion rubles., and with currency derivatives on the derivatives market of 105 billion rubles.

Through privatisation, the Ministry of Finance plans to earn about 1 trillion rubles this week, the Ministry sent out two dozen banks the proposal to take part in the organization of the sale of shares of “Bashneft”, ALROSA and VTB. In addition, the Finance Ministry wants for the first time since September 2013 to enter the foreign market borrowing to raise up to $3 billion In February, the Finance Ministry has invited American, European, Asian and Russian banks to submit requests for potential placement of sovereign Eurobonds, but the U.S. government and the European Union warned its banks against such a deal.