VLADIVOSTOK, Apr 18 Bank of Russia Deputy Chairman Alexei Zabotkin disproved the myth that the regulator allegedly makes decisions on the orders of the global financial “behind the scenes”: politics regulator is the exclusive prerogative of the board of directors of the Central Bank.
«The decision on monetary policy in the Central Bank is made by the Board of Directors of the Central Bank. Eight times a year, regular meetings are held dedicated to the rate. Decisions that are made are prepared during the whole cycle of meetings,» he answered the question of the moderator podcast of the First Channel «Easy Money», how can one comment on the myth that the Central Bank is allegedly subordinate to the global financial «behind the scenes» and does what it «orders».
«This statement should be treated as a myth that, apparently, was formed in the 90s. Then we had hyperinflation, large budget deficits. And the International Monetary Fund actively participated in helping to achieve macroeconomic stabilization,» Zabotkin added.
To do this, the IMF provided loans to the Russian economy, provided loans to the Russian government, and these loans were subject to certain parameters of actions that were required from both the government and the Central Bank, he explained. «But we repaid all our loans, in 2002 we repaid all the IMF loans, and since then we have not been bound by any obligations,» Zabotkin emphasized.