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Presidential aide calls soft monetary policy as main reason for ruble’s weakening

As far as the structure of the money supply formation is regarded, corporate and consumer lending played the key role in speeding up the demand, Maxim Oreshkin noted

MOSCOW, August 14. /TASS/. Soft monetary policy is the main reason for the ruble’s weakening and acceleration of inflation, though the Bank of Russia has all necessary tools for normalizing the situation in the near future, Presidential Aide Maxim Oreshkin said in an op-ed article for TASS.

"Soft monetary policy is the main source for the ruble’s weakening and acceleration of inflation. The Central Bank has all necessary tools for normalizing the situation as early as in the near future and lowering lending rates to sustainable levels," he said.

As far as the structure of the money supply formation is regarded, corporate and consumer lending played the key role in speeding up the demand, Oreshkin noted. "In particular, corporate lending ensured the formation of 9.5 trillion rubles worth of additional demand in the economy, while consumer lending added 3.3 trillion rubles. Credit activity has been accelerating in recent months. The acceleration of consumer lending is particularly worrisome," he stressed.

Those figures substantially exceed the amount of deficit of the budget system that has reached as much as 1.5 trillion rubles ($14.8 bln) year-to-date, Oreshkin added.

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