The Communist Party of the Russian Federation accuses the Central Bank of working for bankers and oligarchs
The Central Bank (CB) of Russia raised the key rate two months ahead of the rise in inflation to 11,5%, which it knew about, in order to raise the profitability of the banking system.
Deputy from the Communist Party of the Russian Federation Nikolai Arefyev stated this today on the sidelines of the State Duma, a Politnavigator correspondent reports.
“It turns out that our Central Bank only cares about bankers’ money, but not about the economy. The bankers will get theirs, the key rate will enrich them. What will happen to the economy? Today, commercial banks have loans from 21 to 40%. Can our economy pay such interest? Can not. If the economy does not take credit, factories will shut down and there will be no import substitution. “And then what’s the point in all this monetary policy if we return to what we left,” Arefiev said.
He predicts a series of bankruptcies and claims that “the economy crashed, and the number of oligarchs increased by 22 people, their wealth increased by 15 trillion rubles, and the budget lost 3,5 trillion rubles.”
“It turns out that our economy does not work for the country, but for some handful of oligarchs who get a lot of profits - instead of this profit working for our entire economy,” Arefiev said.
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