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FX.co ★ Head of Russian central bank named European Banker of 2016

Head of Russian central bank named European Banker of 2016

Head of Russian central bank named European Banker of 2016

The last few years have been tough for the Russian economy. Perhaps somebody would say: “Just few years? Maybe few decades?” After all, the old-timers can hardly remember a time when the Russian economy was at its best.

There is no need to sink deeply into the country’s history, since we have a large-scale economic crisis as an example here and now. Such severe conditions are a perfect time to test professional competence of the economists in charge. It turned out that the Russian citizens have no reason to worry, as the country has skilled professional economists! British monthly magazine The Banker named Elvira Nabiullina, the head of the CBR, the best Central Bank Governor in Europe in 2016. Last year, this title was given to Governor of the Bank of England Mark Carney. Experts appreciated the work of Elvira Nabiullina, particularly, given the harsh economic environment in which she had to operate: Russia is in isolation, access to international capital markets is limited, oil, the main export commodity, has fallen steeply in price for the past two years. Put it all together, and here are all conditions for economic and financial collapse.

However, despite tough conditions, the Central Bank of Russia was able to make some progress under Nabiullina’s careful guidance. Elvira Nabiullina focused all her efforts on taming inflation. As a result, Russia’s inflation fell below 6 percent by the end of 2016. “Importantly, in 2016 there was a turning point in the sentiment of the population and professionals regarding inflation expectations. At the beginning of 2016, inflation expectations of market participants were well above our target, but now they have reduced to close to our 4% inflation target, at between 4.5% and 4.7%,” Nabiullina said.

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