Euromoney and Central Bank

: Russia economy is still expected to slide into recession this year, but its decline is less steep than some analysts had expected, according to The Moscow Times. Euromoney said in an article announcing the award that prudent monetary policy under Nabiullina was allowing the real exchange rate to move toward levels justified in the medium term and praised her for cleaning up the banking sector. "Shock therapy worked," it said. Under her leadership, the Central Bank rolled out a series of emergency measures late last year to deal with turmoil on Russian financial markets, including an overnight interest rate hike and refinancing tools to help out dollar-starved banks. Euromoney view contrasts with that of some Moscow-based analysts, who say the Central Bank was slow to take several key policy decisions last year, including raising interest rates in December and floating the ruble in November. Wednesday prize comes after the Indian central bank Raghuram Rajan won last year Euromoney award for helping buttress his country while the United States was tapering its quantitative easing program in 2014. Nabiullina, who has headed the Central Bank since the summer of 2013, said in comments e-mailed by the bank press office that the award was "a great honor." "Our economy is currently facing serious challenges for its financial system, and this demands from us difficult decisions both in monetary policy and in regulation of the banking sector," she said. (news.financializer.com). As reported in the news.