Deripaska Spoke for the First Time after Sanctions at an International Forum
As Deripaska noted, the global recession has begun in the economy, which is already evident in a number of countries. “The depth of this decline is not yet clear. But obviously, our country has new opportunities”, he added. This is the time to evaluate what has been done for the development of the country. According to Deripaska, in a recession, Russia still has a large competitive potential for the development of low-carbon and nuclear energy and industry as a whole.
Deripaska also believes that the country "actually has no independent banking system". The central bank hasn't justified itself as a mega-regulator, failing to achieve accelerated economic growth over the past six years, the businessman believes. “The mega-regulator consolidated the industry, which led to an increase in interest rates. If in the world they pay 1.25% for transferring money, then we have 6.5% at an overstated rate”, he explained. The way out of this problem is the separation of the Central Bank.
In addition to banking reform, judicial reform is needed to accelerate Russia's economic growth. “Judges are a rather closed, elite group that not only inadequately assesses what is happening in the economy, but also makes decisions inadequately”, Deripaska said. The third factor of economic growth is the development of Siberia. “It's this region that can show high growth rates, up to 5% - 7%, and realize the delayed process that has been idling for many years”, the businessman said.