MOSCOW, August 9 Vice-speaker of the State Duma from «A Just Russia — For Truth» Alexander Babakov proposed to restore the return of foreign exchange earnings to the country and foreign exchange control, strengthening the ruble.
The politician noted that the ruble in recent days passed the mark of 97 rubles per dollar, which was explained by the «deterioration of the foreign trade balance.»
“All industrialists and experts echo us and say that it is necessary to take a number of urgent actions right now: immediately restore currency control, restore the return of foreign exchange earnings to the country, strengthen the ruble and allow the entire normal part of the economy, the real sector to count on a stable the ruble exchange rate in a narrow corridor for at least one and a half to two years,» Babakov said.
According to him, inflationary risks should be removed by expanding lending to the real sector while reducing the key rate, reducing collateral requirements and increasing project, unsecured financing.
«In order to increase the production of goods, which is now strangled by expensive and inaccessible financing due to collaterals … Finally, budget expenditures must increase and be covered by an increase in public debt, but only through OFZ (federal loan bonds) with state-owned banks and only on special conditions of full return of interest on such new OFZs to the budget as a 100% shareholder of banks participating in this,» Babakov added.