In the administration of the President of Russia called a personal point of view statements by presidential adviser Sergey Glazyev, stating that “the established policy of the Central Bank “new reality” threatens economic disaster.
“This statement is a personal point of view, Glazyev and in no way reflects the position of the presidential administration of the Russian Federation”, — told reporters the President’s press Secretary Dmitry Peskov. Earlier, the Kremlin has repeatedly stressed that Glazyev makes statement on the economy on its behalf, and not as a presidential adviser.
In an interview to “Izvestia”, first Deputy Chairman of the Bank of Russia Ksenia Yudaeva urged not to concentrate on the word “crisis” and noticed that what is happening in the Russian economy is best described by the word “new reality”. She stressed that the fall in oil prices pushes the economy to changes in the structure and emergence of sectors, “which opens up new opportunities for development”.
Presidential adviser Sergei Glazyev commented on these words in his Twitter. “The new reality, artificially created by the management of the Bank of Russia is stagflation, stopped economic growth”, — said Glazyev. He noted that if not for the “new reality, the Russian economy “could grow at 6-8% per year”.
“In established by Bank of Russia of the new reality survive only speculators, and production dies. This is the path to economic disaster” — said Glazyev. In his opinion, Russia needs the release of “beyond the limits established by the Bank of Russia “new reality” on the path of economic growth.” “For this is to implement our program,” said Advisor to the President, referring to the program “Economics of growth”. Its authors were the Glazyev and presidential Commissioner for entrepreneurs ‘ rights Boris Titov, and former Deputy MAYOR Andrey Klepach has prepared a report of the Stolypin club.
Earlier Glazyev criticized the policy of the Central Bank. In September 2015 in an interview with “Газета.Ru” he said that ill-conceived policy by the regulator, in particular a sharp increase in the key rate, has led to the fact that investors had ceased to invest in the real sector of the economy and switched over to currency speculation that undermined the ruble. Attempts by the Central Bank to provide banks with funds for re-lending to industrial enterprises, according to Glazyev, only worsened the situation, leading to a complete loss of control over the financial-monetary market.
“Most of the money he gave to the refinancing of commercial banks, rushed there, in currency and financial speculation. And this resulted in the translation of our financial market in the turbulent regime, disruption of the investment process, the loss of control over all parameters,” he said, calling it a failure of the regulator.
Glazyev added that “turbulent regime” on the Russian financial market is supported by foreign and Russian speculators that profit from the fluctuations in the exchange rate, but the amount involved in the money circulation exceeds the capacity of the Central Bank to stabilize the market.