Anatoly Aksakov, a State Duma legislator, and president of the Association of Regional Banks, has been expelled from the National Bank Council (NBC), an advisory organ of the Central Bank, for calling for 30-40% devaluation of the ruble.
Specifically, Aksakov, contrary to his party policy, noted that the devaluation was inevitable to aid domestic industries. However, Aksakov’s fate was sealed, after his proposal drew caustic criticism from the United Russia leadership, which called the initiative ‘antinational,’ and its author ‘unworthy’ of the NBC membership.
Commenting on his expulsion, Aksakov said this attempt to substitute an economic discussion with demagoguery or attaching labels testifies to “some politicians’ low political culture and financial illiteracy.”
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