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Elvira Nabiullina- head of Russia's central bank and the careful management of the economy during the collapse of oil prices- 2014-2016
04/12/2016
The careful management by Nabiullina has enabled Russia to avoid the worst effects of a collapse in oil prices. Experts say what Russia needs even more than a recovery in oil prices is the improvement in business conditions after interest rates of as high as 17% are bringing inflation closer to the target of 4%. Russia's rainy day fund of $500 billion in sovereign wealth fund, the devaluation of the rouble, help to the banking system to recapitalize, Russia's vastly expanded pension funds as a source of capital, and assistance to poorer sections of society, have enable Russia to cope with the collapse in oil prices. Yet much more needs to happen for a diversified economy and better relations with European Union to increase foreign investment and improve business climate.
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U.S. Sanctions Give Russian Economy an Unintended Boost
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