The Central Bank first entered a full-time discussion with a billionaire Oleg Deripskaya on the issue of increasing the key rate. At the meeting of the Supervisory Board of the Institute of Economics of the Health Economy named after Stolypin on May 13, the regulator answered the reproaches of the entrepreneur on the discrepancy between the Central Bank’s policy goals of the growth of Russians, writes RBC.
Deripaska asked the head of the Department of Monetary Policy of the Central Bank of Cyril Tremasov, as a department imagines a rise in income of the population with an increase in the key rate. According to Tremasov, the increase in GDP depends on the performance of capital and labor resources, and the monetary policy of the Central Bank cannot affect the situation.
“Bank of Russia can optimize the growth trajectory, prevent the overheating of the economy, the decline in demand, we can maximize growth in the long term,” said the head of the Fine Department of the Central Bank. Tremov added that the Central Bank evaluates the growth potential of Russian revenues in the near future, 1.5-2 percent, which is much lower than the expectations of the head of state.
“You report to the president? It counts on growth rates of 5 percent. This is a political question,” the billionaire parried. Tremasov explained that the budget of Russia contains data on the most pessimistic forecasts, below those that gives the Central Bank.
Billionaire also reproached the Central Bank in their closed policy and insisted on the need for publications of the full transcripts of the Board of Directors of the Bank, so this may be a guideline for the participants of the Russian market. Deripaska brought an example of the guidelines of the American Federal Reserve System (Fed), which publishes its protocols, and not the squeezes of them in press releases. Tremasov replied that the Central Bank does not plan to act similarly.
At the same meeting, Deripaska accused of growing prices in Russia “greedy” businessmen. “He noted that there is no debt market in the country and now in the postpandemic conditions, banks benefit from business interim measures.
Previously, Deripaska has already expressed the activities of the Central Bank, but the Office did not answer him directly. In March 2021, he wrote in his Telegram channel that the regulator policy would provide the stagnation of the economy for four years. In April, the Central Bank raised a key rate from 4.5 to 5 percent.