Bank of Russia Governor Elvira Nabiullina said the brooches she wears contain clues that help understand political decisions.
Bank of Russia Governor Elvira Nabiullina confirmed what the market thinks this year: The brooches she wears after key rate meetings are clues to understanding policy decisions.
The first signal came in March, when she wore a brooch in the shape of a Nevalyashka doll, a traditional Russian toy that reappears when pushed, as policymakers sought to strengthen the economy against the Covid pandemic. 19. In May, she displayed a small white house on her jacket as the government urged people to stay home. And in June, she chose a pigeon – the word in Russian also means dove – after lowering the key rate.
Not all pins are this clear, with some social media settings.
“I like to see the different interpretations because people have rich imaginations,” Nabiullina said in an interview with RTVi television on Monday. “I put something in each symbol, but I won’t explain it.”
This month, Nabiullina wore a pin from a bright red bird, known in Russian as a snegir, after policymakers kept the policy rate stable for the third time in a row, as a second wave of Covid-19 delayed signs of recovery. While some social media commentators saw the pin as a sign of a cold winter and a long frost ahead, others suggested it could be a bullish signal, playing on the name. English bird, bullfinch.
“The bullfinch is a beautiful winter bird,” said Nabiullina. “It is a bird that can withstand various frosts. It’s sturdy.
A more cryptic pin signal from Nabiullina than normal. pic.twitter.com/2DOENuNXIp
– Natasha Doff (@natashadoff) December 18, 2020
His previous pick in October, as coronavirus cases soared, was a wave.
“I didn’t expect the interpretation that the central bank fears a Democratic victory in the United States,” Nabiullina said. “I think about the meaning of each pin, but the interpretations are much broader.”
Nabiullina said she has not decided to continue wearing brooches next year.