Russia’s central bank head ‘is mourning for her economy’
Elvira Nabiullina could barely hide her unease. The governor of the central bank of Russia – famed for sending coded messages with her attire – had chosen to dress in funereal black as she warned about the devastating hit to the Russian economy from sweeping sanctions imposed by western governments in retaliation for the invasion of Ukraine.
With the rouble plunging by more than a quarter and queues forming for foreign currency, Nabiullina announced last Monday that the central bank’s key interest rate would more than double to a record 20%, to curb soaring inflation. In steps to cushion the blow for ordinary Russians, capital controls would be put in place, while the stock market would temporarily close.
Her choice of clothing, as well as an awkward appearance on TV with Vladimir Putin at an emergency meeting on Monday, have raised questions over what she really thinks about his decision to wage war. Ashen-faced and remote, did she really support the war?
“We know she hates the war as she was wearing black on Monday. She always wears something to give her views away,” said Charlie Robertson, global chief economist at Renaissance Capital. “She’s in mourning for the Russia she helped to build. I don’t think her feelings will be hidden, and Putin will be aware of it. But he doesn’t care.”
Highly respected in the international community, including among some of Putin’s harshest critics, Nabiullina is viewed as a moderniser who reformed the central bank and kept Russia’s economy out of worse trouble despite challenging conditions since taking her post in 2013.
As a former trusted adviser to the president, she is credited with helping to build up a “fortress Russia” economy, one with less dependency on the US dollar and better
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