The key role in the economy is now owned by the Central Bank and its monetary policy (DCT), its curator – a key figure, says Natalia Orlova, director of the Center for Macroeconomic Analysis Alfa Bank. At the time of entering the economy in recession and the threat of a banking crisis and the Central Bank decided to change the curator DCT.
About personnel changes announced first deputy chairman Ksenia Yudaeva at the Gaidar Forum: “I want to focus on matters of strategy and questions of monetary policies and refinancing will be transferred to Nekby. ” He will take office in a few days, the statement said the chairwoman of the Central Bank of Elvira Nabiullina, Yudaeva will focus on financial stability, analysis and forecasting of economic development, international relations. Strategic and tactical guidance on monetary policy, its ideology remain, promises Elvira. “I, of course, a very high opinion of Xenia Yudayeva, but the decision justified: it is necessary to share the responsibility and it is impossible to do everything at once,” – says deputy chairman of Sberbank Bella Future.
Monetary policy – it measures at by which the Central Bank acts on prices, economic growth and the rate of national currency: how much money and on what conditions issued by the bank; change if the reserve ratio on loans; rigidly we deal with rising prices or to make a bet on economic recovery through cheap loans.
Now we need people who know the banking sector, and Elvira Yudaeva largely guided by macroeconomic vision, says Orlova from Alfa Bank and Tulin very practical person and knows the reality of the banking business.
«Compare theorist and practitioner is too straightforward, it is not a trader, he created a system called his only practice is wrong,” – said Zlatkis: Tulin not engaged Only banking supervision – he started with monetary policy.
Thulin – central bankers and banker with many years. He worked for more than 10 years back in the USSR State Bank, has twice been deputy chairman of the Central Bank: in the early 1990s was responsible for the foreign exchange market in the mid-2000s engaged in banking supervision. He also worked preboards VTB (1996-1999 gg.) And up to 2012 – partner of Deloitte & amp; Touche. Tulin was a member of the Board of Directors of MDM Bank, part of the Supervisory Board of Sberbank. Predpravleniya “UniCredit Bank” Mikhail Alexeyev said Tulin one of the best professionals in the field of banking regulation. Tulin from the team of the former chairman of the Central Bank – Sergei Ignatiev, surprised by the appointment of staff of a major bank.
Perhaps this is the price paid for the actions of the Central Bank at the end of last year, says an economist at ING Dmitry Polevoy: panic in the currency market, the criticism of the bank community, including some academic activities for some controversial increase in the key rate to 17%. CB too late to respond to threats, such as banking community since September requested to launch operations of foreign currency liquidity, but this was done only at the end of the year, continued Field.
Bank acted with a lag, but the blame for this command can not be says economist Vladimir Tikhomirov BCS: it is not individual decisions, and the situation was extraordinary, the Central Bank had to learn in a critical situation.
Yudayeva managed to maintain a liberal regime, significantly increased openness of the Central Bank, when it adopted a number of historically important decisions: free navigation of the ruble and the greater flexibility of use of the interest rate mechanism, lists Tikhomirov. Today, monetary policy of the Central Bank is adequate to the market situation, it is very difficult, says CEO of Deutsche Bank Group in Russia Pavel Tepluhin: have to make unpopular, but overall for the economy justify the decision.
Yudayeva lacked the skills of professional work in the financial market, criticized director of “national development projects” Andrey Cherepanov (in 1998-2000. – Director of Foreign Operations of the Central Bank). Appointment Tulin he calls an attempt to give impetus to tools and everyday operations of the Central Bank, primarily in the foreign exchange market.
In the preparation of this article participated Natalia Biyanova Daniel Zhelobanov Anna Eremina, Elizabeth Bazanova
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