| Oleg Mozhaiskov is now responsible for the exchange rate policy of the Central Bank The head (now former) of the foreign exchange department of Rosbank, Vladimir Sokolov, was appointed director of the foreign exchange operations department of the Bank of Russia. He already worked at the Central Bank from 1992 to January of this year (he resigned from the post of deputy head of the foreign exchange department of the foreign operations department) and moved to Rosbank. Vladimir Sokolov’s former boss, Andrei Cherepanov, who headed the foreign operations department at the Central Bank and now holds the post of head of the external debt department of the Ministry of Finance, spoke very flatteringly about his professional qualities. “He is a proactive, competent specialist who understands the laws of the market well. And as a result of working in a commercial bank, he gained experience that only increased his professional level,” Andrei Cherepanov told the Vremya Novostei newspaper.
Vladimir Sokolov headed a new structural division of the Central Bank, which appeared after the abolition of the department of foreign operations. The functions of the liquidated department were divided between the newly created department of foreign exchange operations, as well as the departments of balance of payments and international financial and economic relations.
The Balance of Payments Department is headed by Sergei Shcherbakov, who is in charge of two departments: balance of payments and external debt, as well as analysis of the balance of payments and monetary policy. Thus, Deputy Chairman of the Bank of Russia Oleg Mozhaiskov has realized his long-standing dream - exchange rate policy is now determined not by the department concluding transactions on the market (currency transactions), but by the balance of payments department. Let us recall that one of the reasons for the dismissal of Andrei Cherepanov was his disagreement with Oleg Mozhaiskov’s intentions to “take away” the determination of exchange rate policy from the Department of Foreign Operations.
The Department of International Financial and Economic Relations is headed by Pavel Smirnov. He oversees issues related to interaction with international financial organizations and with the CIS countries, and one of the departments of Mr. Smirnov’s department deals with the subsidiaries of the Central Bank credit institutions (Roszagranbanks and Vneshtorgbank). Nikolay MAZURIN |
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