Advisor to the President of Russia Sergey Glazyev has called for the introduction of the foreign exchange control. About it the economist said in an interview with TASS. He justified his proposal by the fact that otherwise the economy will not get a long of money and will not work on sustainable growth.
Glazyev cited the example of the countries of South and South-East Asia. "Look at how well developed China, Vietnam, Indochina, India. Economies that are growing at 6-7 percent a year for 20 years — all retain monetary controlpower that without it you can't control financial flows, to channel the inflow of long money in the economy", — he explained.
Adviser to the President added that during the crises of 2008 and 2012 in the Russian banking system has been pumping trillions of rubles. The banks have spent three quarters of that amount to purchase foreign currency. "And if there were exchange controls, the money would have gone into the development of the real sector, and then sought the President when he said that "we are saving banks, banks helped the real sector"," — said Glazyev.
Exchange control implies a series of measures from the establishment of a fixed exchange rate to the limited circulation and retention of foreign currency in the country. In addition, it implies control over the movement of capital between States.
In March, the Federation Council recommended that the Bank of Russia to freeze the exchange rate of the ruble. Thus, the Central Bank can stabilize expectations of market participants and to stop currency speculation, according to the senators. In addition, experts suggest the regulator to take steps to transition from the policy of binding ruble emission to the foreign exchange reserves to emissions, calculated on the basis of objective needs of economy in cash.
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