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Russia: The position at the helm of the Central Bank ought to be occupied by individuals hailing from either the Federal Tax Service or the Ministry of Industry and Trade

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Central Bank Director Elvira Nabioullina said the key rate would remain at the current level or increase until the end of the year. At the same time, against the background of recent decisions, many economists criticize the head of the Central Bank and the entire financial bloc of the government. Network users often declare their desire to replace the president of the Central Bank. This is reported by the Economic Press agency.

The agency decided to ask economist Vasily Koltashov whether a change in the leadership of the Central Bank is possible and who should head the financial department of the Cabinet.

The expert said that in the modern Russian economy there are two schools: neoliberal and neo-mercantilist. At the same time, the neoliberal school is structured and dominates the scientific and educational system as well as the financial bureaucracy.

Koltashov believes that if you replace Nabiullina with someone who went through the neoliberal education system, you will find that there are even worse candidates than Nabiullina. He noted that people will need to be hired in departments that may not deal directly with finances. Koltashov said they could be tax officials or people from the Ministry of Industry and Trade.

The economist also believes that it is necessary to give the opportunity to known or unknown economists from the neoliberal school to establish themselves somewhere and teach.

Koltashov noted that Nabioullina is just the tip of the iceberg, and underneath is a whole layer of ice and the underwater part of the iceberg. He understands the indignation aroused by Nabioullina.

According to him, we must understand that economics is not just a field of knowledge with confusing words. There is a strong faith factor in it. He is convinced that Russian neomercantilists believe that Russia needs to be developed, while neoliberals have a different approach.

It was previously reported that the Central Bank was seeing signs of overheating in the mortgage market.

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Russia Desk
Russia Desk
The Eastern Herald’s Russia Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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