This week Elvira Nabiullina will formally become next governor of the Bank of Russia. Nabiullina is an interesting, and largely unexpected, candidate for the job. She is a low-key Putin loyalist who has also developed a reputation as a moderniser, a liberal and a private advocate of a Russian ‘normalisation strategy’ – piloting Russia into the WTO in 2012. She is likely to bring the same instincts to the Bank of Russia, on both monetary policy and in the new responsibilities of the Bank of Russia for financial regulation. But managing Russian politics, and a dramatically beefed up institutional remit will test her undoubted skills.
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