Conversations on Russia: Reform from Yeltsin to Putin

By Padma Desai | Go to book overview

CHAPTER 12
Oleg Vyugin
Monetary Policy in Action

JUNE 2003

To some extent, yes "there is a conflict between controlling inflation and main-
taining growth". However, inflation expectations are positive. Public expecta-
tion is for inflation to steadily come down. People expect it to be lower in the
foreseeable future.

Shopping malls are spreading everywhere. They're becoming infectious.

Because the budget is a political vehicle. It is the subject of many battles. We see
the entire political process of Russia played out in the federal budget.

Politically, the situation is totally under presidential control.

We need laws to initiate real changes in the banking sector…. We want to raise
transparency in the banking sector, identify the genuine owners of the banks,
and remove fake capital from their balance sheets…. We try our best to make
Russian banking business transparent, healthy, and honest.

Yes, we are independent. We have only one requirement. We must report to Par-
liament once a year. As far as the government is concerned, the Duma can pass a
no-confidence motion. With us, it requires that we report to it once a year.


JUNE 2003

DESAI: Let's begin with the functions of the Russian Central Bank.

VYUGIN: The Central Bank performs three functions. It manages monetary policy, supervises and regulates banks in the country, and settles claims arising from banking-sector transactions. It gets involved in clearing these claims because we still do not have a RTGS clearing system.

DESAI: You mean through electronic transactions?

-275-

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