Mr Rouble quits
Viktor Gerashchenko's replacement must surely be an improvement on “the worst central banker in history”
THE single biggest obstacle to the development of a proper banking system in Russia was probably Viktor Gerashchenko, a wily Soviet-era relic whose second term as head of the central bank ended abruptly on March 16th. His first stint there, in the early 1990s, was marked by financial illiteracy and inflation. Jeffrey Sachs, an American economist, dubbed him “the worst central banker in history”. Now, this dinosaur's departure marks an important step on the slow evolutionary path of Russia's financial system.
This article appeared in the Finance & economics section of the print edition under the headline “Mr Rouble quits”
From the March 23rd 2002 edition
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