That sinking feeling

15 January 2015 By Pierre Briançon

The December rouble crisis now has a January victim: the Central Bank of Russia’s deputy head is being relieved of her monetary policy portfolio. Markets may get better guidance. But the problem is not the person. The CBR cannot beat a sinking oil price and Western sanctions.

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Russia’s central bank replaced its head of monetary policy on Jan. 14, the first reshuffle since the bank failed to halt the rouble’s sharp decline late last year.

A long-time central bank technocrat, Dmitry Tulin, took over the monetary portfolio of First Deputy Governor Ksenia Yudayeva who has been the focus of criticism over the defence of the rouble, which fell more than 40 percent last year, briefly hitting a record low of 80 to the dollar.

Yudayeva will be responsible for financial stability, analysis and economic forecasting as well as the bank’s international policy.

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