New devaluation can occur in Russia

Baku. 19 October. REPORT.AZ/ Risks associated with the devaluation shock may increase in Russia on the background of decline in the competitiveness of technology. 

Report informs referring to Rambler News Service, Russian presidential adviser Sergey Glazyev stated.

S. Glazyev believes, it is necessary to seek domestic sources that will provide economic growth in the period of sanctions against Russia and lower oil prices. These sources should not depend on changes in energy prices in foreign markets. Notably, advisor to the president is known as harsh critic of monetary policy of the Bank of Russia. He highlights fixed exchange rate policy and need to reduce interest rates to the level of profitability.

S. Glazyev said at the current state of affairs it is necessary to increase budget. He noted that in a "new reality" created by the Bank of Russia production has been destroyed and speculators are the winning side.

Notably, in Russia exchange rate of dollar is now 62.5 RUB/USD. The maximum level of the exchange rate recorded on January 21, 2016 (86.0 RUB/USD).