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Russian lawmaker wants Prosecutor General’s Office to oversee Central Bank

11:17 04/02/2015

MOSCOW, February 4 (RAPSI) - Yevgeny Fyodorov, a United Russia lawmaker and member of the State Duma's Budget and Tax Committee has drafted a bill authorising the Prosecutor General’s Office to oversee the stability of the ruble as well as consistency of the Central Bank’s monetary policy, Izvestia newspaper reported on Wednesday.

In its monetary policy, the Central Bank has certain immunity while the Prosecutor General’s Office has no legislative leverage to verify legitimacy of its obligations under the Russian Constitution, which substantially reduces its responsibility, according to Fyodorov.

“Since according to the law, the Central Bank is a depository of the IMF, the fund has the authority to inspect it while Russian authorities can’t. But in order for the bank to comply with the Russian law, someone has to control its activity on our side because it is a subject of federal governance. Otherwise, the Central Bank can break the law without being held liable,” the newspaper quotes Fyodorov.

Last November, following a collapse of the Russian currency, United Russia members Yevgeny Fyodorov and Anton Romanov filed a request with the Prosecutor General Yury Chaika in order to check the validity of the Central Bank’s activity that, as they claimed, broke several laws which resulted in the ruble collapse.

In mid-December, First Deputy Prosecutor General Alexander Buksman sent a response to the lawmakers, in which he said that the monetary policy lies within competence of the state’s economic activity and it is not the responsibility of the Prosecutor General’s Office to engage in legal evaluation of this area. Fyodorov believes that no regulative authority in Russia that has the right to follow up on the law enforcement has power to inspect the Central Bank.

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Russian lawmaker wants Prosecutor General’s Office to oversee Central Bank

11:17 04/02/2015 Yevgeny Fyodorov, a United Russia lawmaker and member of the State Duma's Budget and Tax Committee has drafted a bill authorising the Prosecutor General’s Office to oversee the stability of the ruble as well as consistency of the Central Bank’s monetary policy.
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