Elvira Nabiullina is the head of the Central Bank of Russia and she has been surprising and impressing the world by moving to (slightly) reject keynesianism rather than embrace it as other central banks do. Nabiullina has admitted that she doesn't think that Keynesian money is what's best to boost the Russian economy, but rather she sees investment and increasing efficiencies as things to focus on; saying this is where room for growth in the economy lies.
Nabiullina has been warning Russian businesses to get used to real interest rates (although still being centrally manipulated), the Central bank of Russia has indicated that it plans to continue with its tight approach to monetary policy. Their inflation rate is now below its benchmark for roughly the last eight months and they've been going through a lengthy recession. Nadbiullina has said that she believes that keeping interest rates stable and in positive territory, while everyone else is talking about introducing negative rates, is an important condition to ensure economic growth.
Western central banks, along with others, have had their interest rates set artificially low for years and it's fueled a bubble in a number of different areas. And now they have begun discussing the possibility of negative interest rates in order to punish savers and ideally force people's money back out into the market.
When it comes to the market, the most ideal solution for the people and their prosperity would be ending the central bank altogether. But for now at least Nabiullina appears as if she doesn't want to go down quite the same path as the rest of the central bankers, with their zero-to-negative interest rate initiatives. Refreshingly, Nabiullina affirms that she sees positive real rates as the key for Russian growth.
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