Russia's Central Bank Chief Quietly Shelves Her Iconic Economic Brooches
Central Bank Governor Elvira Nabiullina once again appeared at a press conference following the Board of Directors meeting without her signature brooch. When asked by a journalist when she might wear it again, the head of the Central Bank replied that it was "not yet time." Nabiullina stopped wearing the brooch in 2022.
She also noted that she does not yet know whether she will wear it again at any point this year.
Before 2022, Nabiullina regularly wore different brooches to press conferences. While the Central Bank chief has never disclosed their meaning, she has said they reflect the regulator's view of the economic situation.
Her first brooch appeared in March 2020—a nevyazha (a traditional Russian nesting doll with mismatched halves)—amid a sharp decline in the ruble.
On April 24, the Bank of Russia's Board of Directors cut the key rate for the eighth consecutive time, lowering it by 50 basis points to 14.5% per annum.
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