Extending His Sway Putin Names Loyalist to Head Russian Central Bank

International Herald Tribune
Tuesday 12th March, 2013

MOSCOW – Asserting further personal control over the Russian economy, President Vladimir V. Putin nominated on Tuesday a close political ally, who is now serving as his chief economic adviser, to become the new chief of the Russian central bank.

The nomination of Elvira Nabiullina signals strongly that the bank will lower rates in the months ahead, something Mr Putin has been pressing for against the advice of the bank’s current leadership.

Worryingly for investors, Mr Putin nominated a confidante despite a consensus among global economic policy planners that countries with independent central bankers tend to do better economically over the long term.

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