Patrushev said that Russia is working to peg the ruble to gold and currency values.
As part of the fight against the consequences of sanctions in Russia, work is being done on the creation of a financial system, in which the value of the ruble will be linked to the value of gold and currency. This was said by the Secretary of the Security Council Nikolai Patrushev. He clarified that such an idea was proposed by the scientific community, reports TASS.
“In particular, it is proposed to determine the value of the ruble, which must be backed both by gold and by a group of goods that are monetary values, in order to bring the ruble exchange rate in line with real purchasing power parity,” he said. Patrushev.
To this, one of the journalists replied that such ideas, according to various experts, go against the conclusions of economic theory. To this, the Secretary of the Security Council replied: “They do not go against the conclusions of economic science, but they go against the conclusions of Western economics textbooks.” At the same time, Patrushev emphasized that Russia is not opposed to a market economy, but understands that the West “allows other countries to be its partners only when it is beneficial to it.” In other words, the country’s economic security will be guaranteed based on “the country’s internal potential, the restructuring of the national economy on a modern technological basis.”
According to analysts at S&P Global Market Intelligence, Russia will need 10 years to restore the country’s economy to the level of 2021 in the context of Western sanctions. According to their forecasts, the fall in GDP this year in Russia will be 11.1 percent. In 2024, experts expect the indicator to grow by 1.6 percent and by 2026, by 1.9 percent. At the same time, inflation this year will be 17.8 percent, in 2023 10 percent, in 2024 7.5 percent, and in 2026 4.6 percent.
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