Deripaska called the strengthening of the ruble madness

Businessman Oleg Deripaska criticized another rate hike by the Bank of Russia. Today, June 11, the Central Bank raised the rate to 5.5% per annum. Mr Deripaska also called the strengthening of the ruble madness.

“The madness with the key rate and the strengthening of the ruble continues,” the businessman wrote on his Telegram channel. “As I understand it, carry-tradings lobbyists are stronger than ordinary Russians in our policy,” he said.

Carry trade is a strategy for making a profit in the foreign exchange market at the expense of different interest rates.

During the St. Petersburg International Economic Forum (SPIEF), Oleg Deripaska called for the expansion of the bond market in order to reduce the dependence of individuals and legal entities on banks. The businessman said that the state should provide conditions for business so that entrepreneurs could solve the problem of poverty.

Later, at the SPIEF, President Vladimir Putin commented on Mr. Deripaska’s criticism of the Bank of Russia. The President said that “the truth is in the balance of interests.”

In March, when the Central Bank raised its key rate for the first time since 2018, Mr. Deripaska said that the regulator pursues political goals, and “Western” partners “will not fail to take advantage of the situation and further fuel the fire of social discontent, invigorating the opposition.”

On the increase in the Central Bank rate – in the publication of “Kommersant” “The key rate is stepping up.”

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