Nabiullina Begins Her First Day as CBR's Head; Ulyukayev Appointed Economics Minister
Today is the first day for Elvira Nabiullina as a new head of CBR. She gave a lengthy interview to Kommersant, influential business daily, on her views on monetary policy and future plans (http://www.kommersant.ru/doc/2218708). The main message of an interview is that Ms Nabiullina supports policies established by her predecessor. She stated her full support of moving towards inflation targeting regime and rejected the idea of weakening of the RUB with interventions. While specific actions will tell more than words, formally Ms Nabiullina proclaimed continuation of current monetary policy as her own priority.Big news came from Kremlin. CBR’s Deputy Chairman Alexei Ulyukayev will replace Andrei Belousov as Russia’s Economics Minister. Rumors of such a move circulated for several weeks and become true. We see this decision as strengthening of policy views supported by CBR/Minfin vis-à-vis more state interventionist approach traditionally linked with the Economics Ministry.