Speaking on Yuri Pronko’s “Tsargrad–What’s Most Important” TV program, Russian economist Sergey Glazyev offered an analysis of who is responsible for the weakening of the ruble, which lost almost 26% in six months, and proposed to adopt the solution used by former Russian central banker Viktor Gerashchenko in 1998.
Glazyev said he agrees with President Putin that there is no grounds for panic, “because fundamental factors are working to strengthen the ruble—a positive balance of trade, indeed very positive. We are exporting more than we import. A lot more. Furthermore, while earlier we were experiencing huge capital flight, on the order of $100 billion per year, today sanctions impede the outflow of money. Thus, in order to stabilize the ruble what’s needed is simply to block the influence of speculative and [some other] factors.”
