Public opposition of the Bank of Russia and criticizing the actions of the Central Bank ex-presidential adviser Sergei Glazyev continues. The office of Elvira Nabiullina has sent the Ministry a letter in which asked to track the language of the economist, who openly accused the Central Bank in the collapse of the ruble and proposed to levy a tax on purchase of foreign currency. Glazyev’s statements “carry reputational risks for joint government and Bank of Russia”, the letter said. Understand what the reason for such hostility between the Kremlin economist and Bank regulator.
Now, Sergei Glazyev, for many years has worked as a presidential adviser, holds the position of Minister for integration and macroeconomics of the Eurasian economic Commission (EEC). The Commission is the international regulatory body for the Eurasian economic Union (EAEU), Customs Union and common economic space. In mid-April Glazyev has proposed to enter into the EEU tax on non-trade foreign exchange transactions to limit the withdrawal of capital abroad and the receipts from collection to use to combat coronavirus. Then the ex-the adviser to the President accused the Central Bank in the March depreciation of the ruble after the collapse of world oil prices due to the failure of the transaction OPEC+. He said that the collapse of the wood could have been avoided if the Bank of Russia “fulfilled its constitutional obligation to ensure the stability of the national currency”.
the statements of Glazyev outraged by the Central Bank. In its letter, the regulator calls represented by the Minister of the EEC information is inaccurate and distorted. In the current environment of market volatility is unacceptable, according to the Central Bank.
it looks Like in the slender ranks of the Russian officials ideological discord, and amid the General trouble must be unanimity. Such reputational risks and encourages avoiding the regulator. Proposed by the Central Bank the decision – “to consider the feasibility study of optimization of communication activities” Glazyev. Translating from bureaucratic language to human Agency Nabiullina to request to silence his opponent.
eyes for a long time and consistently criticizes the monetary policy performed by Nabiullina. He criticized the Central Bank for connivance in the fight against currency speculators, criticized the transition from targeting the ruble exchange rate to targeting inflation, what inflation, in his opinion, rose in two times. Glazyev devoted entire speeches to the exposure of the Central Bank. In his attacks on the controller he said that the Central Bank has set the country in the archaic of the middle Ages and brought the economy to a heart attack. The economist is a supporter of the issue of money and calls for the inclusion of the printing press, which should start the real sector of the economy. These ideas are contrary to the policy of reservation��free money that leads to financial-economic bloc of the government.
“the Central Bank insists that the money issue will only accelerate inflation and printed money will flow abroad, if there is no hard currency control. A tax on currency exchange in the crisis looks absurd. Such a “tax on air” now will only aggravate the situation”, – said the former economy Minister Andrei Nechayev.
However, loud statements of Glazyev had to be answerable to even the Kremlin. He once called the newly elected President of Germany “an accomplice of the Nazi putsch in Kiev,” and also suggested that the Ukrainian authorities headed by President Vladimir Zelensky want to settle in the DNI and LC “tired of permanent war” of the Israelis.
“There are certain rules of conduct for officials in the public space, if not written, then unwritten. Other agencies can be criticized within acceptable limits, but it is a matter, rather, of corporate ethics and solidarity of civil servants. I think the Central Bank understands that to silence Glazyev is impossible, it contradicts the constitutional norms,” concluded Nechaev.
