The central bank opposed the introduction of the "golden ruble"

16 2021 June 24

Speaking with the State Duma on Tuesday June 15, the head of the Central Bank of Russia Elvira Nabiullina expressed her position on the introduction of the ruble, backed by gold and other assets.

Nabiullina noted that experts from the Central Bank are often approached with such ideas, but she treats them negatively.

In our opinion, this will have negative consequences, because it will create two parallel monetary systems

- stressed the chairman of the Russian Central Bank.

Thus, according to Nabiullina, the introduction of the "golden ruble" would negatively affect the stability of the Russian financial system.

At the same time, she recalled that at one time in the Soviet Union there were actually two exchange rates - official and market. More important in this context is consumer confidence in the ruble, whether on paper, electronic or digital, and its firmness. At the same time, the expert noted, the main goal of the Russian financial authorities is to reduce inflation and the depreciation of the ruble and thus increase the confidence of Russians in their national currency.

In favor of the confidence of the residents of Russia in the ruble, according to Nabiullina, the decrease in the volume of foreign exchange accumulations of the population from 30 to 20 percent speaks.

Information

Dear reader, to leave comments on the publication, you must sign in.

Jarilo

+3

16 June 2021 11: 20

The ruble must be provided with a commodity mass - the balance is the same as in accounting. We do not only produce gold or oil and gas.
123

0

16 June 2021 11: 27

In favor of the confidence of the residents of Russia in the ruble, according to Nabiullina, says decrease in the volume of foreign exchange savings of the population from 30 to 20 percent.

Interesting numbers. And so many people who want to tell rumors are yelling here, and the bucks themselves are diving under the pillow.
1. Bakht
  
  +1
  
  16 June 2021 12: 17
  
  The decline in foreign exchange savings "is a double-edged remark.
  The decline may be due not "in favor of trust in the ruble," but elementary - "there is simply nothing to eat.
  
  I can give the same reasons for Azerbaijan. According to the latest data, the demand for currency at auctions has decreased. In the same way, ordinary citizens' foreign exchange savings in banks have decreased. But there was a message that manat savings in banks decreased significantly. This speaks of the population's distrust of the banking system as a whole and of the lack of funds among ordinary people. There was also a message that the need for loans decreased and the number of problem loans increased (up to 30% of problem loans). Based on all these parameters, I conclude that the standard of living of the population has fallen. But government agencies are blowing fanfare and shouting about strengthening confidence in the manat.
  
  Until the data on all these positions are made public, it is at least premature to talk about confidence in the ruble. Nabiulina should know about this.
  1. 123
    
    +2
    
    16 June 2021 16: 53
    
    "The decline in the volume of foreign exchange savings" is a double-edged remark.
    The decline may be due not "in favor of trust in the ruble", but elementary - "there is simply nothing to eat."
    
    Exactly But 30% of this already means that the rest are kept in rubles. It was impossible to imagine such a thing 20 years ago. Everything is in bucks. As for savings, I'm not sure that this minus 10% is due solely to "hunger". There are usually several factors. In addition, when incomes decrease during a crisis, people become thrifty. Here's an example.
    
    At the end of 2020, the incomes of Russians decreased, but at the same time savings increased by 2 times. Such paradoxical data are presented in the report "Socio-economic situation in Russia" (January - December 2020), published by Rosstat.
    https://www.vedomosti.ru/economics/articles/2021/02/09/857333-dohodi-rossiyan
    
    As for the income itself, it is necessary to look there in detail what is what, as far as I remember, loan payments are deducted from income. They stimulated the mortgage, people scored, the payments in loans went, and, accordingly, a drop in income.
    
    The level of debt load of Russians in the first quarter of 2021 exceeded 20,8 trillion rubles, and the debt load amounted to 11,7% of the income of residents of the country, which is a historical maximum.
    
    https://1prime.ru/finance/20210523/833734487.html
    
    How many of these mortgage loans are not known.
    You are absolutely right, you need to look at everything in a complex. Incomes, salaries, savings, loans and so on. Otherwise, it is difficult to objectively assess the situation.
Alexzn

-1

16 June 2021 11: 31

Not tired of this naive childish crap about the gold ruble?
Bakht

+2

16 June 2021 11: 34

The Union had state treasury notes and state bank notes. Domestically, it didn't matter much. But outside the country, only bank notes were accepted. I remember that everyone was looking for chervontsy when traveling abroad.
Treasury bills (1, 3, 5 rubles) were provided with all the property of the Soviet Union. Bank notes (above 10 rubles) were provided with gold, precious metals and other assets of the USSR bank).
Well, Nabiulin does not want to provide Russian money with gold and other assets of the State Bank of Russia.
1. Alexzn
  
  -1
  
  16 June 2021 12: 00
  
  Quote: Bakht
  I remember that everyone was looking for chervontsy when traveling abroad.
  
  Chervontsy ... the jargon of that time can be misunderstood. Better to write - ten rubles.
  A chervonets is still the royal 5 and 10 ruble coins or gold coins in general.
  Common people were looking for ten rubles when traveling abroad (3x10), more cunning people were looking for chervonets ...
  1. Bakht
    
    +1
    
    16 June 2021 12: 11
    
    I agree. But they were not looking for gold pieces for a trip abroad. It is fraught with landing for foreign exchange transactions. We were looking for 10 rubles. It seems that even 25 or 100 rubles were not accepted in the West.
2. Petr Vladimirovich
  
  -1
  
  16 June 2021 14: 50
  
  It was like that in the Union. When traveling abroad, you could take 30 rubles with you. For what? And so that when you return you can drive home. It was impossible to exchange either in Western Europe or in Africa.
  Once, when returning from an exhibition in Algeria, I had to spend the night in the transit hall of the airport in Budapest. Small buffet, prices in forints, payment in hard currency. Charmed by the pretty saleswoman, she sold us "Bull's Blood" for rubles. RUB 10 bottle...
GRF

0

16 June 2021 11: 37

Why is the interest on a loan in the West, China less than in the Russian Federation? You have such care, dear ...
Sapsan136

0

16 June 2021 11: 45

Foreign exchange savings decreased because the rate on foreign exchange holdings fell below the baseboard, but this does not mean that people began to trust the ruble and Nabiulina personally. In fact, the value of the ruble has more than halved, this is noticeable even to a very unwise person if he goes to the store. For example, my friends began to invest in shares of gold mining companies and not only Russian ones. The depreciation of the ruble does not add to its popularity.
Alexzn

-1

16 June 2021 12: 11

Quote: Bakht
Well, Nabiulin does not want to provide Russian money with gold and other assets of the State Bank of Russia.

Well, here Nabiullina is not very guilty. There is no such practice in the world at all; today it is not just archaic, but also absurd.
1. Bakht
  
  +3
  
  16 June 2021 12: 26
  We will find out how archaic this is very soon. Money is needed as a medium of exchange. And since the entire economic model is collapsing, the bet on gold is quite reasonable.
Alexzn

-1

16 June 2021 12: 24

Quote: Bakht
I agree. But they were not looking for gold pieces for a trip abroad. It is fraught with landing for foreign exchange transactions. We were looking for 10 rubles. It seems that even 25 or 100 rubles were not accepted in the West.

The cunning ones still looked for and even carried, but it was really fraught.
Alexzn

-2

16 June 2021 12: 38

Quote: Bakht
I agree. But they were not looking for gold pieces for a trip abroad. It is fraught with landing for foreign exchange transactions. We were looking for 10 rubles. It seems that even 25 or 100 rubles were not accepted in the West.

Accepted, just a tourist was allowed 30 rubles (for exchange), respectively 50 and 100 were automatically excluded, and 25 did not make sense to carry. All took 3x10.
Upon presentation of banknotes by Western banks, they received from the State Bank at the rate of $ 1,6 per ruble. It was extremely unprofitable for the Union, therefore, the export of cash was strictly limited.
Alexzn

-1

16 June 2021 12: 49

Quote: Bakht
We will find out how archaic this is very soon. Money is needed as a medium of exchange. And since the entire economic model is collapsing, the bet on gold is quite reasonable.

It is simply ridiculous and is not considered anywhere. The change in the price of gold as a reserve commodity is not an argument. There is a difference in the requirements for financial resources and reserves. They have different tasks. Car insurance cannot replace the car itself.
It is easier to believe in cryptocurrencies that are protected by an algorithm and are not backed by anything than in the return of the gold standard, which absolutely does not meet the requirements of economies. Following the secured money, fiat money may go. So far, everything goes to the fact that the transition will be to crypto.
gorenina91

-2

16 June 2021 13: 21

Nabiullina noted that experts from the Central Bank are often approached with such ideas, but she treats them negatively.

In our opinion, this will have negative consequences, because it will create two parallel monetary systems

- So what ??? - Yes, at least three ... - And let them exist ... - if only these "parallel" ones do not intersect (well, at least ... - not very often) ...

Thus, according to Nabiullina, the introduction of the "golden ruble" would negatively affect the stability of the Russian financial system.

- Ha ... - and why would this "introduction of the" golden ruble "affect negatively" ???
- Well, they would have introduced a "golden imperial" (as in tsarist Russia) and endowed it with "all kinds of powers" ... - I would have taken this "golden imperial" on myself ... mmmm .... - commercials "from a trillion rubles and above "- the entire monetary issue in Russia ... - and only for use by individuals ... - The population of Russia would have snatched up this Russian" golden imperial "at once ... and hid it away ... - Purchase and sale ... - only to Russian citizens and only electronic recording of these operations ... - And at the same time create a special police department to ensure the safe circulation of this ZI (golden imperial) ... - some kind of ZI (SZI) service or something in this kind ... - for protection from any crime ... - For the state it is not very expensive and will cost (but how the population will support the state and how many problems can be solved ... - at least once ... - when the population begins to move from dollars for imperials) ... - And the Americans and China will remain with their noses ... - And the Americans themselves, which the Central Bank Russia is ruled ... - will also lose a huge share of their influence on Russia ...
- Well, it's time, finally ... - Russia to climb out of the influence of the Americans and China ...
- Well, it's not a voucher to launch again ... - our population will no longer buy a voucher (although there will be fools here too) ...
- And in parallel to the "golden imperial" to issue identification "territorial bonds" ... - Okay ... - I will not continue ... somehow later ... - And then the "enemies" will overhear ... - Hahah .. ...
1. Jacques sekavar
  
  0
  
  16 June 2021 18: 20
  
  Our population will not buy a voucher (although there will be fools here too) ...
  
  Who was smarter, they bought land plots, premises, shops, factories and many other things for vouchers, and now they do not live in poverty and like Chubais, they are waiting for gratitude for the coup, the restoration of capitalism, the destruction and privatization of the former public property, the wholesale and retail trade , other "achievements"
  1. gorenina91
    
    -2
    
    16 June 2021 18: 31
    
    Who was smarter
    
    - Most likely the place of "cleverness" then was taken by a well-organized whole criminal industry ... - Everything was thought out enough in advance; and in that terrible political and economic chaos that reigned in Russia (early 90s of the last century) ... - had absolute success with these newly-minted "masters of life" ...
Jacques sekavar

+1

16 June 2021 15: 09

The gold reserve of the Central Bank of the Russian Federation is not able to cover the entire paper money supply, which means that you will have to take out a loan and pay interest - What?
Option one - productive forces: land and natural resources, factories and plants, roughly what threatens Ukraine in exchange for Western loans.
This is the essence of the imperialist policy of neo-colonialism, with the only difference if earlier this policy was the lot of the state, then today - Transnational corporations and banks which (with the exception of the PRC and the Russian Federation where they are controlled by the state and serve its interests) stand above the State (! !!), and the state is only a tool for protecting the property of the ruling class, conquering new territories and markets, increasing their wealth by robbing the rest of the world.
Anton Gutterisch, UN Secretary General, spoke about the growing inequality, when the fortune of 72 million people or 1% of the world's population exceeds the fortune of the rest of the world's population.
The new rules for accounting for gold proposed by the BIS are aimed not at eliminating inequality, but at preventing or limiting the inflation of financial bubbles by providing exchange transactions not with paper, but with physical gold. It is clear that the city of London and Wall Street, the world's two financial centers and the center of paper gold trading, are opposed to this, but let's see what comes of this and then we will discuss, it will not be long to wait.
Kofesan

0

16 June 2021 23: 52

The gold ruble is not subject to inflation. And inflation is parasitized not only by the Central Bank, but also by the government.
Alexzn

-1

17 June 2021 07: 29

Quote: Kofesan
The gold ruble is not subject to inflation. And inflation is parasitized not only by the Central Bank, but also by the government.

Are you sure about that? Even if we ignore the idiocy of the idea of gold money today, then in history we can find long periods of inflation of gold money.
Marciz

0

17 June 2021 19: 38

Uhahaha drop from 30 to 20 !!!!!!! In a burner, but people just became impoverished !!!!!!
alexey alexeyev_2

0

17 June 2021 20: 35

I burst into tears. Ms. Nabiullina spoke out in defense of the nat. Currency. And we passed it under Tsar Nikolashka. (Do not be remembered by the night). The gold was washed in the banks of England and France. And there still should be left .. So let it lie in the state guard.