While the world’s economies are concerned about inflation and recession, central banks become the leading players in this process that can only be managed with the effective use of monetary policies under a reliable management.
According to the news in Sözcü newspaper, Russia’s Central Bank President Elvira Nabiullina was in focus in an article in the New York Times. She has been described as the “very model of a modern central banker”.
Professor Richard Portes, whose opinion has been included in the article, stated that Nabiullina did what she had to do even though it was politically difficult, and pointed at Turkey stating the following :
“If you want a demonstration of the alternative,” Mr. Portes added, “you need look only at Turkey,” where years of political interference in the central bank have allowed inflation to run out of control, reaching 70 percent this month.
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