Communist Party requires change management bodies Central Bank after the collapse of the ruble – RIA Novosti

MOSCOW, December 17 – RIA Novosti. State Duma deputy from the Communist Party faction on Wednesday plans to send a request to the country’s leadership to consider the issue of changing the composition of the governing bodies of the Central Bank.

On Monday, the exchange rate of the ruble to the basket experience strong decline since the 1998 credit default. Against this background, on Tuesday night the central bank suddenly and sharply raised its key interest rate – from 10.5% to 17%, citing increased significantly devaluation and inflation risks. But on Tuesday the collapse continued: euro at the height jumped by 27.7% to 100.74 rubles, dollars – 24.3% to 80.1 rubles.

“We ask you to immediately under the law and your competence to ensure that the activities of the Central Bank of the Russian Federation legislation and the long-term interests of the country, including to consider the change in the composition of the Bank of Russia”, – says the deputy’s inquiry addressed to the President and Prime Minister -Minister of the Russian Federation (the query text is available RIA Novosti).

According to the Constitution of the Russian Federation, Chairman of the Central Bank is appointed and dismissed by the State Duma by the President of the Russian Federation. In accordance with the law “On the Central Bank of the Russian Federation” board members are appointed by the Chairman of the State Duma of the Bank of Russia, agreed with the president.

The deputies from the Communist Party noted that the protection and stability of the ruble is the main function of the Central Bank, but the financial policy megaregulator lately is not challenging for the Russian economy. In addition, it leads to inflation and devaluation of the ruble.

At the end of the message to the Federal Assembly, Russian President Vladimir Putin instructed the Central Bank and the government to take strict coordinated measures to discourage speculators hunting “rock” ruble. However, according to the Communists, the Central Bank has not taken the necessary measures.

“Instead of development and the financial market of Russia – a reduction in the money supply (5.5% adjusted for inflation only in November) and monetary base (respectively, 8%), the sharp decline in the availability of the ruble for business and citizens, instead of adequate development and strengthening of the banking system of the Russian Federation  211; deprivation of credit institutions the opportunity to profit at the expense of the implementation of its loan products because of higher key rate, “- noted in the request.

---

Read more about the dynamics of exchange rates, see the online reportage & gt; & gt;