Russian Central Bank not discussing idea to peg ruble to gold

The Russian Central Bank responded to the proposal to link the Russian currency to gold. According to Elvira Nabiullina, the president of the Russian Federation’s Central Bank, the bank is not currently exploring such a possibility.

“As for the idea to peg the ruble to gold, we are not discussing this at all,” Nabiullina said, TASS reports.

Earlier, Kremlin’s official spokesman Dmitry Peskov said that Russia was discussing such an issue.

“This issue is currently being discussed,” Peskov said on April 29.

Peskovs remarks came as a comment to the idea voiced by Security Council Secretary Nikolai Patrushev. The latter said that such an idea was proposed by the scientific community.

When Patrushev was told that such ideas, as many experts believe, run counter to conclusions of economic theory, Patrushev said:

“They do not run counter to conclusions of economic science — they run counter to the conclusions of Western economics textbooks.”