April 21, 2017 RBTH
Presidential adviser Sergey Glazyev spoke about problems on the Russian stock market, Rambler News Service reported.
“Thanks to the exotic policy of the free floating ruble exchange rate, which today is determined more by American hedge funds on the Chicago exchange than by our economy, we see that a real financial bubble has arisen on the Moscow stock exchange,” he said during the Yalta 2017 International Economic Forum, adding that the volume of transactions has increased fivefold.
“That’s where the boom is today. Although the consequence of this boom is the outflow of capital from the real sector,” Glazyev is convinced.
The presidential adviser also said that, “the volume of speculative operations in the currency segment alone is 15 times greater than the volume of the gross product, and these operations are absolutely not determined by objective requirements of the Russian economy.”
Glazyev put forward his thesis about the “exotic” nature of Russia’s monetary policy in March. He believes the country’s financial authorities are creating conditions that benefit speculators.