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We can tell the general public that the gold and foreign currency reserves of the central bank are not designed to finance the economy, but rather to ensure foreign trade turnover. therefore, we need this level to be able to provide the necessary foreign trade turnover for such an economy as russia's for a period of at least three months.

-Vladimir Putin

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We Can Tell The General Public That

Vladimir Putin

We can tell the general public that the gold and foreign currency reserves of the central bank are not designed to finance the economy, but rather to ensure foreign trade turnover. therefore, we need this level to be able to provide the necessary foreign trade turnover for such an economy as russia's for a period of at least three months.

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    <p style="font-size: 1.2rem; font-style: italic; margin-bottom: 10px;">"we can tell the general public that the gold and foreign currency reserves of the central bank are not designed to finance the economy, but rather to ensure foreign trade turnover. therefore, we need this level to be able to provide the necessary foreign trade turnover for such an economy as russia&#039;s for a period of at least three months."</p>
    <footer style="font-size: 1rem; font-weight: bold;">— Vladimir Putin</footer>
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Topic

Russia Gold Three

More From Vladimir Putin

The lesson for asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. but a pegged exchange rate with a central bank is a recipe for trouble.

If everything stops functioning our level will be able to ensure our trade turnover using its gold and foreign currency reserves for at least six months or more, which is more than enough.

Therefore today we have an absolutely sufficient level of gold and foreign currency reserves in order to ensure economic stability and sustainable foreign trade turnover.

All issues - purchasing and selling of currency - are related to the regulation of the national currency market. however, it is still difficult to say what will be the reaction of the central bank and if it would lead to increasing the gold and foreign currency reserves.

The stability of the rate is the main issue and the central bank manages to ensure it one way or another. this was finally achieved after the central bank switched to a floating national currency exchange rate.

The available supply of gold and silver being wholly inadequate to permit the issuance of coins of intrinsic value or paper currency convertible into coin of intrinsic value or paper currency convertible into coin in the volume required to serve the needs of the people, some other basis for the issue of currency must be developed, and some means other than that of convertibility into coin must be developed to prevent undue fluctuation in the value of paper currency or any other substitute for money intrinsic value that may come into use.

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