Putin visits international jazz festival in Crimea’s KoktebelSociety & Culture August 21, 2:31
Militants launch shell on exhibition complex near Damascus - televisionWorld August 20, 15:27
Cardinal Parolin: Dialogue of Roman Catholic and Orthodox Churches to help them feel unitySociety & Culture August 20, 8:27
Polina Dibrova, mother of three, wins Mrs. Russia 2017 beauty pageantSociety & Culture August 20, 4:41
Russian emergencies ministry plane returns from firefighting mission in ArmeniaWorld August 20, 4:39
East Ukraine conflict claimed nearly 3,000 civilian lives — ICRCWorld August 20, 1:56
Renowned Russian filmmaker Andrei Konchalovsky turns 80Society & Culture August 20, 0:48
One of seven injured in Surgut stabbing spree in critical condition — authoritiesSociety & Culture August 19, 23:51
Netanyahu expects to meet with Putin in Sochi on August 23 — Israeli premier’s officeRussian Politics & Diplomacy August 19, 22:47
MOSCOW, November 27. /TASS/. Monetary policy easing will not work in Russia as the ruble is not a reserve currency, Central Bank Deputy Chairman Vasily Pozdyshev said on Thursday.
Central Bank Chief Elvira Nabiullina said on Wednesday the regulator was ready to start monetary easing from the second half of 2015 in the absence of serious shocks.
Pozdyshev said, however, that “inflation risks of quantitative easing in a country with a non-reserve currency are excessively high.”
Meanwhile, Nabiullina said the following on Wednesday, “As soon as we see a steady trend towards slowing inflation and inflation expectations, we’ll be ready to ease monetary policy. In our estimates, that will be possible in the second half of 2015.”
But Nabiullina’s deputy believes that “quantitative easing measures work well in the economies with reserve currencies and therefore the central bank of such a country can afford to flood the economy with a large amount of money.”
According to Pozdyshev, the more money is issued in an economy with a non-reserve currency, the more funds will go into reserve currencies.
Nabiullina assumed the post of the Central Bank chief in June 2013. Before that, she worked as an aide to the Russian president and the economic development minister.
Russia’s Central Bank raised the key rate four times in 2014, from 5.5% to 9.5% amid soaring inflation and the rapidly depreciating national currency.