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Thursday, April 27, 2017

Kudrin said a word about devaluation as a disgrace for Russia

Ex-Finance Minister Alexei Kudrin explained its own statement about the collapse of the ruble made at the economic forum in St. Petersburg. In his opinion, the transition to a floating exchange rate of the national currency was inevitable, but the blame for the devaluation of the ruble, the Central Bank cannot.

photo: Mikhail Kovalev

Alexei Kudrin

Earlier during a business Breakfast Sberbank at the St. Petersburg international economic forum (SPIEF), Kudrin said that the collapse of the ruble more than twice is “shame for the economic authorities of Russia”. In his opinion, the reason for this was the country’s dependence on oil revenues.

Commenting on his statement, Kudrin stressed that the guilt of the Bank of Russia in national currency devaluation there. Moreover, the ruble was necessary to go to “free floating”. “Of course, it’s a shame. But to let the ruble had CB there is nothing I could do about it”, — Kudrin has told to journalists, transfers RIA Novosti.

Ex-Finance Minister stressed once again that the government is not supposed to create the economy’s dependence on oil. “The experience of Saudi Arabia and Norway, which have even more revenue from oil, has shown that this can be avoided,” he said.

We will remind that earlier the President of Sberbank German Gref in the framework of SPIEF encouraged to develop alternative energy instead of trying to “catch the tail” stretching the oil era.

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