The Central Bank of the Russian Federation emphasizes the need to depeel the ruble to the dollar and the euro

Deputy Chairman of the Central Bank of Russia Alexei Zabotkin stressed at a hearing in the State Duma the need to depeg the Russian ruble to the dollar and the euro, given the unprecedented inflation they are experiencing.

“We must be aware that any ideas related to exchange rate targeting, if implemented, will inevitably lead to a decrease in the effectiveness of the country’s economic policy and the loss of its independence,” Zabotkin said.

He pointed out that the transition to exchange rate targeting would mean the abandonment of independent monetary policy in Russia in favor of the country to which the ruble is pegged, that is, the United States or the European Union.

He urged not to tie the ruble to reserve currencies such as the dollar and the euro, because inflation in Europe and the United States is high, reaching 8-10%, and not the way it has been for the past four decades, stressing that the ruble is relatively stable , and pegging it to the dollar and the euro would mean transferring their inflation to Russia.

Source: RIA Novosti

Related Stories