Here.
Advisor to the President of Russia Sergey Glazyev said that the current exchange rate of the ruble is undervalued against the us currency three times. According to him, the purchasing power of the dollar is equivalent to 23-25 rubles.
The current rate of rouble to dollar low three times. About it the adviser of the President Sergey Glazyev said in an interview “Russian News Service”.
According to Glazyev, this is the assessment of the OECD — the organization for economic cooperation and development. “Take a basket of goods in Russia and the USA, and see how many products you can buy at $ 100, suppose, in America, and how much you can buy in Russia from the same basket,” explained the economist. According to him, the purchasing power of one dollar is equivalent to about 23-25 rubles.
Glazyev noted that in this situation the Central Bank would be sensible to fix the exchange rate of the ruble. “But it needs to fix on a level that will ensure the competitiveness of the economy”, — said the presidential adviser.
The economist noted that the Central Bank has unlimited possibilities of stabilization of the ruble. “I would not be calling it to do at the level of 23-25 [RUB ]. This should be done at the level of those vibrations, which were in the past two years — from 60 to 80 [rubles ], ” said Glazyev.
According to the Advisor of the President, if the regulator has fixed the exchange rate of the ruble at around 80 after the collapse in December of 2014, “would we today would live with such a course without speculators”. “The economy would have adapted, competitiveness would increase, credit would have gone to the substitution”, concluded the economist.
Glazyev also noted that the Central Bank can still intervene in the foreign exchange market. “The Central Bank should return to the market and let the market understand what the ruble he thinks is right and to stay on this course,” he concluded.
