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The central bank wants to make independent from the IMF
State Duma proposes to amend the law "On the Central Bank of the Russian Federation" in terms of its subordination to the IMF
The central bank wants to make independent of the IMF.
Continued under the cut ...
The lower house of parliament Yevgeny Fyodorov ("United Russia") has prepared amendments (available to the "News") to the Federal Law "On the Central Bank of the Russian Federation." The changes are aimed at the removal of the international commitments and depending on the national banking regulator of international financial institutions - primarily from the International Monetary Fund (IMF). In particular, the Central Bank acts as depositary of the IMF in the national currency, which, in his opinion, is a limitation of national fiscal sovereignty.
According to the amendments, the legislator proposed the deletion of Article 4 of the Law "On the Central Bank of the Russian Federation", paragraph 18.2. This paragraph states that the Central Bank "is the depositary of the IMF in the currency of Russia, carries out operations and transactions authorized by the Articles of Agreement of the IMF and the agreements with the IMF».
In addition, United Russia offers to edit an article 46, which reads: "The Bank of Russia has the right to conduct the following banking operations and transactions with Russian and foreign credit institutions, the Government of the Russian Federation, the Deposit Insurance Agency to achieve the goals of the Law." In this article, Fedorov proposes to amend paragraph 11 "to carry out other banking operations and transactions in its name in accordance with customary business practices, internationally accepted banking practice", remove from him the second part.
According to the legislator, these provisions in the law prevented the central bank to effectively regulate the rate of the Russian ruble and stimulate the economy.
- The first amendment of the law removes the reference to the fact that the Central Bank is a subordinate unit of the IMF and serves as depositary. That is in the law expressly states that the Central Bank is subordinate to the IMF for certain activities. The second amendment concerns the decision-making procedures of the Central Bank on the basic regulations, - said Fedorov. - The bill is aimed at excluding vassal-colonial status of the Central Bank. The amendment aims to strengthen the right of sovereignty of the Russian Federation in the economic sphere. Now we are seeing a situation that the Central Bank can not keep the exchange rate, it can not sustain the national economy, constantly raising interest rates, even though the president points to the need to reduce them.
In his opinion, today the activities of the Central Bank directly aimed at the degradation of the Russian economy and the collection of tribute through the so-called mechanism of currency exchange, and this activity is directly related to the position of the external control of the Central Bank, including those set out in the law on the Central Bank.
In turn, the director of the Banking Institute of Higher School of Economics Vasily Solodkov believes that the manipulation of the law on the central bank did not do, and the words of the chief of the National Bank based on the IMF exaggerated.
- This initiative, in my opinion, does not carry with it any consequences, since these two points, which exclude members of parliament want to achieve, do not oblige the Central Bank to submit to the IMF for any issues - says Solodkov. - Until now, all actions of the Central Bank is independent and decisions of the Central Bank took, focusing only on their own opinion.
Financial Ombudsman Pavel Medvedev, Russia, in turn, believes that the consequences in the case of the adoption of amendments to be - and negative for the Russian character.
- I do not think that such an initiative will take place, as its implementation would mean a step for us to isolation and even greater instability in the economy. The financial system of the world is built on the constant interaction of national economies. Fenced off from the outside world for us is not beneficial because it will give nothing but the break in relations with the IMF, which does not control, and help other countries in case of problems - said the Ombudsman. - At the time of the IMF is very Gaidar rescued Russia, and now he is playing a third-party role in our economy. As for the exchange rate, it is impossible to control is the number of dollars of instability in the country, which in turn is based on the instability of our own economy.
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The central bank wants to make independent of the IMF.
Continued under the cut ...
The lower house of parliament Yevgeny Fyodorov ("United Russia") has prepared amendments (available to the "News") to the Federal Law "On the Central Bank of the Russian Federation." The changes are aimed at the removal of the international commitments and depending on the national banking regulator of international financial institutions - primarily from the International Monetary Fund (IMF). In particular, the Central Bank acts as depositary of the IMF in the national currency, which, in his opinion, is a limitation of national fiscal sovereignty.
According to the amendments, the legislator proposed the deletion of Article 4 of the Law "On the Central Bank of the Russian Federation", paragraph 18.2. This paragraph states that the Central Bank "is the depositary of the IMF in the currency of Russia, carries out operations and transactions authorized by the Articles of Agreement of the IMF and the agreements with the IMF».
In addition, United Russia offers to edit an article 46, which reads: "The Bank of Russia has the right to conduct the following banking operations and transactions with Russian and foreign credit institutions, the Government of the Russian Federation, the Deposit Insurance Agency to achieve the goals of the Law." In this article, Fedorov proposes to amend paragraph 11 "to carry out other banking operations and transactions in its name in accordance with customary business practices, internationally accepted banking practice", remove from him the second part.
According to the legislator, these provisions in the law prevented the central bank to effectively regulate the rate of the Russian ruble and stimulate the economy.
- The first amendment of the law removes the reference to the fact that the Central Bank is a subordinate unit of the IMF and serves as depositary. That is in the law expressly states that the Central Bank is subordinate to the IMF for certain activities. The second amendment concerns the decision-making procedures of the Central Bank on the basic regulations, - said Fedorov. - The bill is aimed at excluding vassal-colonial status of the Central Bank. The amendment aims to strengthen the right of sovereignty of the Russian Federation in the economic sphere. Now we are seeing a situation that the Central Bank can not keep the exchange rate, it can not sustain the national economy, constantly raising interest rates, even though the president points to the need to reduce them.
In his opinion, today the activities of the Central Bank directly aimed at the degradation of the Russian economy and the collection of tribute through the so-called mechanism of currency exchange, and this activity is directly related to the position of the external control of the Central Bank, including those set out in the law on the Central Bank.
In turn, the director of the Banking Institute of Higher School of Economics Vasily Solodkov believes that the manipulation of the law on the central bank did not do, and the words of the chief of the National Bank based on the IMF exaggerated.
- This initiative, in my opinion, does not carry with it any consequences, since these two points, which exclude members of parliament want to achieve, do not oblige the Central Bank to submit to the IMF for any issues - says Solodkov. - Until now, all actions of the Central Bank is independent and decisions of the Central Bank took, focusing only on their own opinion.
Financial Ombudsman Pavel Medvedev, Russia, in turn, believes that the consequences in the case of the adoption of amendments to be - and negative for the Russian character.
- I do not think that such an initiative will take place, as its implementation would mean a step for us to isolation and even greater instability in the economy. The financial system of the world is built on the constant interaction of national economies. Fenced off from the outside world for us is not beneficial because it will give nothing but the break in relations with the IMF, which does not control, and help other countries in case of problems - said the Ombudsman. - At the time of the IMF is very Gaidar rescued Russia, and now he is playing a third-party role in our economy. As for the exchange rate, it is impossible to control is the number of dollars of instability in the country, which in turn is based on the instability of our own economy.
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