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Central Bank of Russia Denies Ties to Global Financial Behind the Scenes

Photo by Adeolu Eletu on Unsplash

As he stressed, all decisions on monetary policy in the Central Bank are made by the Board of Directors of the Bank of Russia. According to him, the relevant decisions are prepared during a whole cycle of meetings and then approved.

Zabotkin added that the myth that the Russian Central Bank is subordinate to the global financial authorities, working from the shadows, comes from the 1990s.

“One should treat this claim as a myth that apparently was formed in the 1990s. Back then, we had hyperinflation and large budget deficits. And the International Monetary Fund was actively involved in helping to achieve macroeconomic stabilization,” he was quoted as saying by RIA News.

Earlier Zabotkin said that the data for the first quarter give reason to hope for a positive forecast for the country’s GDP.

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