Russia Might Implement Gold Standard to Boost Economy: Expert

The recent accumulation of gold by Russia’s central bank has sparked a discussion on whether gold standard would be an appropriate monetary policy measure for the struggling economy.

MOSCOW, December 4 (Sputnik) — Russia’s Central bank has demonstrated an increased scale of gold-buying this year, triggering diverse speculations both in the media and the expert community on whether it is a simple measure of supporting the price for the domestically produced metal, or part of a complex strategy in the economic standoff with the developed world. This way or another, there are voices suggesting its high time for Russia to introduce a gold exchange rate for the nation’s currency amid the prolonged ruble’s plunge in order to boost living standards, consumer demand and spur manufacturing sector. Continue reading