How did the most powerful woman in Russia save her country's
Economical description:
Nabiullina isn't a stranger to adversity. Since taking over as the head of the Central Bank of Russia in 2013, she has been credited with navigating the Russian economy through a number of shocks, including Western sanctions following the annexation of Crimea.
She was commended for her tenacious determination to combat corruption in Russia's financial system. Hundreds of banking licenses were revoked, including those from previously untouchable firms, bringing the total number of Russian banks to roughly 500.
In 2014, as the Russian ruble fell against the dollar due to falling oil prices and punishing Western sanctions, Nabiullina boosted interest rates to 17.5 percent and made the ruble a free-floating currency.
A challenging stint for Nabiullina
In June, Nabiullina begins her third five-year term, which promises to be her most difficult yet in her central bank tenure. According to the International Monetary Fund, the Russian economy would drop by 8.5 percent this year, the biggest contraction in decades, as a result of successive rounds of sanctions. Inflation has reached its highest level in over two decades.
To artificially prop up the ruble, which had fallen to record lows against the dollar upon the start of the invasion, the central bank raised interest rates and imposed capital controls.
Nabiullina, who assisted in the construction of "Fortress Russia" in recent years to mitigate the impact of Western sanctions, now faces sanctions that have frozen a large portion of the central bank's $630 billion (€696 billion) foreign reserves, severely limiting her ability to deal with the economic crisis. Further prohibitions on Russian energy — the country's largest source of revenue — could exacerbate Nabiullina's issues, which are currently being debated in the European Union, which is by far the largest consumer of Russian energy.
"She is the most qualified individual to handle the current problem." "I wish Russia had a president who is as capable as she is," Orlova added. "She's got her job cut out for her." It will be a very trying time for her career."
