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3 Oct, 2008 07:34

Interview with Konstantin Korishchenko

New head of Russia's Micex stock exchange, Konstantin Korishchenko, says the U.S. bailout plan won't have a significant impact on the Russian market.  In an interview with Business Today he points out that Russia depends more on internal factors now.

“State intervention into a free market is not a good thing.  But pure market forces cannot preserve stability.  In normal conditions, State intervention is not necessary, and even could be viewed as a wrongdoing.  But in a crisis period it is very necessary for the government to act, adequately and sometimes even heavily.”

RT.  Well in your opinion, what would be the future for the idea of creating an international financial centre in Russia?

“As many independent and strong currencies we will have in the future, as many we will see an independent financial centre.  Ruble is definitely among them.  That’s why I think its only a question of time, when it will happen for me its not a question whether it will happen.”

RT.  What will be the impact of the measures taken by the government to support liquidity on the level of inflation this year?

“On the one hand, already taken measures, were in general inflationary, because it was a money issuance money injection into the economy.  But at the same time see and we saw a significant withdrawal of funds associated with foreign investors.  That’s why, paradoxically, we could have on a net basis, even a positive impact on inflation.”