Aug 16, 2022
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Siluanov’s secret move: high-level secret agreement with Turkey

A probable high-level secret agreement with Turkey has been announced. The secret move of Anton Siluanov, connected with the purchase of the Turkish lira, was calculated by the economist Vasily Koltashov.

In a report dated August 12, the Bank of Russia revealed the Finance Ministry’s plans to relaunch the so-called fiscal rule.

The details of what Finance Minister Anton Siluanov had previously discussed were revealed. From the report of the Central Bank it follows that foreign exchange reserves may begin to form in yuan, rupees and lira.

Of course, the very mechanism of withdrawing funds from the economy raises big questions, but even if we follow the logic of the monetary authorities, it still causes bewilderment where the idea of ​​​​storing state savings in Turkish currency could come from.

He explained that inflation in Turkey is colossal. In the year since August 2021, the figure has increased from 19.25% to 79.6%. If this trend continues, having bought lira worth 100 billion rubles today, in a year we will save only 20 billion rubles in real terms.

How Anton Siluanov could come up with such an absurd idea, Nikita Komarov asked the economist Vasily Koltashov. The expert did not rule out the existence of secret agreements with Turkey, through which we organize parallel imports:

There is probably some kind of secret arrangement at a very high level whereby we will reserve some of the funds in lira to help Ankara cope with inflation and raise the status of its currency. This has nothing to do with the reserve, anti-inflationary and general financial policy of Russia. This is a purely political decision.

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