Brussels-based political analyst Gilbert Doctorow reported yesterday that the criticisms of Russian central banker Elvira Nabiullina are mounting, especially after her attacks on the Chinese financial system.
Doctorow highlighted one such criticism, an intervention in Vladimir Solovyov’s TV Sunday talk show on Oct. 1 by Deputy Duma Chairman Aleksandr Babakov: “Babakov explained at length last night why Russia should look more closely at the Chinese model of economic and financial management, wherein the equivalent of Russia’s Central Bank, the [People’s] Bank of China, is not an independent actor but works in close coordination with the government to support its growth plans and sets out different interest rates and conditions for the different levels of business, from small enterprises to medium and very large enterprises. Moreover, Babakov praised the Chinese rules on currency management and especially the controls on currency transfers abroad. Whereas in Russia anyone with the funds in his account can transfer up to $1 million abroad each month, in China the limit is a thousand times less.”
