Report: Russia may create system where gold secures ruble

MOSCOW, Apr 26 (PRIME) -- The scientific community has suggested creation of a currency and financial system in Russia where the ruble will be secured by gold and foreign currency valuables, Nikolai Patrushev, secretary of the Security Council, said in an interview to Rossiyskaya Gazeta daily published on Tuesday.

“To make any national financial system sovereign, its payment means should have an internal value and pricing consistency without having any ties to the U.S. dollar … Experts are now studying the project of the scientific community to create a two-circuit currency and financial system” he said.

“They offer definition of the price of the ruble that should be secured by gold and a group of goods that are foreign currency valuables, which would set the ruble’s rate in accordance with the real purchasing power parity.”

Patrushev also said that structural reorientation of the Russian economy based on modern technological grounds is the main condition of Russia’s economic security. The West allows other countries to be its partner only if it is beneficial for the West, this is it is vital for Russia to base its economy on the country’s internal potential, he said.

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