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To many western economists, Viktor Gerashchenko was a conservative who held Russia back during its transition to a market economy.
As the last chairman of Gosbank, the central bank of the Soviet Union, and the second head of its Russian replacement, he was blamed for failing to subscribe to western monetary policy orthodoxy and stoking hyper-inflation. US economist Jeffrey Sachs, who himself came in for criticism for his role in reforming Russia after the end of the Soviet Union, famously referred to him as “the world’s worst central banker”.
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