Published: February 6th, 2015

The Central Bank deliberately leads anti-Russian policy, because the International Monetary Fund (IMF) recommended that. This was stated by MEF expert Sergey Glazyev.

"Once in 1998 we have already rejected their offer - then Primakov and Gerashchenko chose a completely different way, and we got a sort of economic miracle in 98-99. Today we go the way, that the IMF traditionally recommends - this way is dictated by interests of big international capital, mostly American one. And it has nothing to do with our national interests," – Glazyev said.

How consciously the Central Bank can undermine the country's economy, Sergey Glazyev found difficult to answer, stating that because of his work he has no right to estimate the state power bodies.

However, the interlocutor of the publishing office suggested that the economy is in dire need of a key rate not exceeding 7%. Glazyev believes that reduction of the rate from 17% to 15% is a good sign for business, but it is not enough to restore economic activity in the country.

"We must take into account that the enterprises' own funds are not sufficient to ensure simple reproduction, so without reducing rates to 7-8% we will not be able to return to economic growth," – Glazyev stated.

He noticed that in the last 200 years, the economy is growing owing to loans. But now it is necessary to move to a more complex system of refinancing in order to really get them.

"The one we have now is in fact refinancing speculative activity. The key rate itself is focused on speculative operations – to support liquidity for speculative operations. The percentage is available only for speculators. Therefore, all monetary policy resulted in a policy for speculative financing of speculative turnover," – Glaziev diagnosed the Russian economy.

Publication source: Fourth power

Source: 4vsar.ru