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Central Bank's credit policy won't change with Tulin's appointment, tactics may — Kudrin

January 21, 2015, 10:18 UTC+3 DAVOS. January 21.

According to Russia's former Finance Minister Alexey Kudrin, the main part of the devaluation has passed, but the strategy may change

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Russian Central Bank

Russian Central Bank

© TASS/Pavel Smertin

DAVOS. January 21. /TASS/ Dmitry Tulin's Central Bank appointment will not change the monetary policy, but the tactics may change, said Russia's former Finance Minister Alexey Kudrin on Wednesday at the Davos Economic Forum.

"Maybe the goals will also be different. The main part of the devaluation has passed, but the strategy may change. But it won’t change drastically," Kudrin said.

Dmitry Tulin will be in charge of the monetary policy at the Central Bank, including managing inflation and the national currency, the ruble. He will replace Ksenia Yudaeva, who has kept her position as First Deputy Chairman, but will now focus on financial forecast and stability.

For Tulin, this is his third position at the Central Bank. He was Deputy Head of CB in 1991-94 and for a second term in 2004-2006.

According to Kudrin, in December 2014 Central Bank had to deal with panic on the currency market that could be explained by the lack of general understanding of CB tactics. "There were some dramatic instances that had to do with panic and the lack of trust of the ruble rate and the lack of trust towards the politics, for literally several days. But now, I hope all trust has been restored and from now, I only see diversity in strategic approach, but the policy itself will not change," said Kudrin.

"We chose a floating rate and a slight softening of the course at certain moments, sometimes action against the scalpers. All these principles will stay in place," he added.

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