Euromoney praised Nabiullina for her efforts to counter the crisis in the Russian economy through prudent policy measures.
Economists credited the governor and the team of the Russian Central Bank for their measures to stabilize the currency through interest rate hikes, and efforts to boost liquidity for financial institutions.
"In the teeth of domestic opposition, the Central Bank of Russia (CBR) accelerated its proposed move to a floating exchange-rate and imposed the regime in November 2014, to engineer a more rapid adjustment in the external balance and to stem the bleeding of FX reserves. It then raised the policy rate to 17% – including a dramatic 650 basis points hike in December – to stave off a collapse in the financial system," Euromoney explained.
According to Euromoney, that "shock therapy" worked. It helped stabilize the financial situation but without wasteful interventions.
Euromoney underscored that the "prudent monetary policy" of Russia’s central bank is "helping to move the real exchange-rate towards levels consistent with medium-term fundamentals."
It also praised Nabiullina’s push to clean up the banking system by closing insolvent institutions.
Nabiullina will receive the award at a private reception during the World Bank/IMF meetings in Peru in October.
