On February 11, the Central Bank raised the key rate by 1 percentage point at once. – up to 9.5% per annum, this is the maximum since the spring of 2017. The head of the Central Bank, Elvira Nabiullina, puts on various brooches at a press conference, which are believed to symbolize the current situation in the economy. She herself does not reveal their meaning – they say, if she begins to explain, “it will be quite boring.” With the help of what non-verbal symbols did the head of the Central Bank communicate with the public and what did she wear this time – in the RBC photo gallery
Photo: Stanislav Krasilnikov / TASS
On February 7, 2020, the rate was reduced to 6%. At the conference, the head of the Central Bank appeared with a brooch in the form of a bird resembling a stork or a white swan.
Previously, she was asked what bird she would compare herself to (for example, the head of the European Central Bank, Christine Lagarde, was asked a similar question: does she consider herself a “hawk”, that is, supporters of tight monetary policy, or “doves”, that is, supporters of easing and lowering rates, she then chose a wise owl. RBC). Nabiullina said she was not sure if she was a bird at all
Photo: Artem Kudryavtsev / RIA Novosti
On March 20, at a briefing on the situation with the falling Russian ruble, the head of the Central Bank put on a tumbler-shaped brooch on the lapel of his jacket. The Board of Directors of the Central Bank kept the key rate at 6%
Photo: RIA Novosti
On April 24, during a pandemic and self-isolation regime, Nabiullina appeared with a brooch in the form of a house. At the meeting, the Board of Directors of the Central Bank reduced the rate by 0.5 percentage points, to 5.5%
Photo: RIA Novosti
The house brooch was followed on June 19 by a dove brooch. This bird symbolizes peace and in the financial market denotes supporters of easing policies. The rate then dropped to 4.5%.
Photo: Bank of Russia / Youtube
On July 24, when the Central Bank lowered the key rate to 4.25% per annum, two brooches appeared on the lapel of the Central Bank chairman’s jacket. One is in the form of the Latin letter V, and the second is in the form of a golden horseshoe. Netizens have speculated that the V symbol is a hint of a recovery and that “it means that central banks around the world have thrown liquidity into the market”
Photo: RIA Novosti
On August 18, Elvira Nabiullina put on a brooch in the form of a pause sign. The Bank of Russia left the key rate unchanged
Photo: press service of the Bank of Russia
On October 23, the Central Bank left the key rate at 4.25% for the second time in a row. The head of the Central Bank appeared at a press conference with a brooch in the shape of a wave. Presumably, this is a symbol of the wave-like process of recovery of the Russian economy or may be associated with the autumn wave of the spread of COVID-19. In addition, the “blue wave” (blue wave) in the US media refers to the victory of the Democrats in the elections.
Photo: press service of the Bank of Russia
On December 18, at the last meeting in 2020, the Central Bank again kept the rate at 4.25%. The head of the regulator appeared at the press conference with a bullfinch brooch. Perhaps it symbolizes the arrival of winter or a long-term freeze on the key rate.
Photo: press service of the Bank of Russia
On February 12, at the first meeting in 2021, the Central Bank again kept the rate at 4.25%. This time Nabiullina’s brooch was in the form of a dot. Apparently, this symbolizes the end of the monetary policy easing cycle, which lasted a year and a half. “We believe the easing cycle has ended in our base case. We will discuss the timing and pace of the transition to a neutral policy as the situation develops,” the head of the regulator said at a press conference.
Photo: press service of the Bank of Russia
On March 19, the Central Bank raised the key rate for the first time since the end of 2018. The key rate increased to 4.5% per annum. Prior to this, the Central Bank kept it at 4.25% four times.
At the March meeting, the Chairman of the Bank of Russia Elvira Nabiullina put on a brooch in the form of a hawk. Hawks symbolize high interest rates and put inflation risks in the first place
Photo: press service of the Bank of Russia
On April 24, the regulator again decided to raise the rate – immediately by 0.5 percentage points, to 5%. Nabiullina appeared at a press conference with a brooch in the form of a symbol of the golden section, harmony. Another theory is that this is a spiral of inflation, which the Central Bank seeks to contain by raising the rate. “The rapid recovery in demand and increased inflationary pressures create the need for an earlier return to a neutral monetary policy,” the Central Bank explained the decision
Photo: Artyom Kudryavtsev / press service of the Bank of Russia
On June 11, the Central Bank raised the key rate to 5.5%. This time, Elvira Nabiullina chose a brooch in the form of a crouching leopard, which probably means that the Central Bank is preparing to tighten policy, like an animal to a jump.
Photo: press service of the Bank of Russia
On July 23, Elvira Nabiullina was wearing a brooch in the form of a rain cloud during a press conference. On that day, the Central Bank raised the key rate to 6.5%, a record 1 percentage point since 2014. In 2014, due to devaluation and inflationary risks, the rate increased from 10.5% to 17%
Photo: press service of the Bank of Russia
On Friday, September 10, the Bank of Russia raised the key rate for the fifth time in a row, but this time by 0.25 percentage points. — from 6.5 to 6.75%. Elvira Nabiullina put on a brooch in the form of a jaguar. With such a brooch depicting a predator, the head of the Central Bank could probably hint that the regulator continues its aggressive policy to combat inflation.
Photo: press service of the Bank of Russia
On October 22, the regulator raised the rate immediately by 0.75 percentage points, to 7.5%, against the backdrop of accelerating inflation. This came as a surprise to the market, which was expecting a rise at a lower level. Nabiullina appeared with a brooch in the form of a bow and arrow. One of the versions expressed by RBC correspondents is that the Central Bank is trying to attack inflation
Photo: press service of the Bank of Russia
On December 17, at the last meeting of 2021, the Central Bank raised the rate to the maximum level since October 2017 – 8.5%. Nabiullina came out to the press with a New Year’s Eve brooch in the shape of a Nutcracker
Photo: press service of the Bank of Russia
On February 11, 2022, the regulator raised the rate by another 1 p.p. to 9.5% and worsened the inflation forecast. At the press conference, Elvira Nabiullina appeared with a brooch in the form of scales – apparently, the Central Bank is looking for a balance in monetary policy.