Farewell Ceremony for Viktor Gerachenko Leaves Everyone Emotional
In the heart of Moscow, a farewell ceremony was held for Viktor Gerashchenko, a pivotal figure in Russia's banking history. Economists and bankers, including Elvira Nabullina and Sergei Stepašin, gathered to reminisce about the charismatic leader. The event took place at the Central Clinical Hospital in Moscow.
Viktor Gerashchenko, a man deemed one of the saviors of Russia's economy in the 1990s, was remembered by Central Bank Chair Elvira Nabullina as a "vivid, captivating individual." She acknowledged that one might not always agree with him, but his decisive actions and bold statements left no one indifferent. He was unafraid to take responsibility for difficult decisions others might have shied away from.
Gerashchenko served as the second and fourth head of the Central Bank of Russia, and previously led the Soviet State Bank twice, making him the only person to hold the post four times. Upon his demise, the Central Bank published a statement on its website, recognizing his work during a pivotal period in the country's history. They highlighted his significant contributions to the development of Russia's modern banking system and financial stabilization after the 1998 crisis.
Those who worked with Gerashchenko spoke highly of his role in stabilizing Russia's economy during the transitional years. Alexander Toršin, chairman of the board of directors at the Eurasian Rating Agency, Sergei Stepašin, chairman of the supervisory board of the Fund for the Development of Territories and former prime minister, and Alexander Muručev, vice-president of the Russian Union of Industrialists and Entrepreneurs and deputy chairman of the board of the Association of Russian Banks, were among those who paid tribute to Gerashchenko.
Former President of the Interstate Bank of the CIS, Igor Suvorov, and Former Chairman of Gosplan USSR, Vladimir Shcherbakov, also acknowledged Gerashchenko's impact on the economy.
State Duma Deputy Oksana Dmitriyeva described Gerashchenko as a man who saved Russia's economy at the start of the 1990s, maintaining the banking system, currency market from July 1992, GKO market (May 1993), and bank stocks. Financial analyst Alexander Razuvayev noted his underrated role, while former Russian Minister of Economy Andrei Nechaev referred to him as a "legend of Russia's banking sector."
Geraschenko passed away on May 11 at the age of 87. The cause of death was not disclosed. The former head of the Central Bank of Russia will be buried at Troekurovskoe Cemetery.
Though Gerashchenko faced criticisms for his handling of the economy during the 1990s, his impact on the foundation of modern Russian banking and economic recovery in the late 1990s remains significant. His actions and policies continue to be a subject of debate among economists and politicians.
- The passing away of Viktor Gerashchenko, a renowned figure in Russian finance and business, sparked tributes from various political figures and economists, recognizing his significant contributions to Russia's economic recovery, particularly during the transitional years.
- Amidst the general news and political discourse, the impact of Gerashchenko's role in shaping modern Russian business and finance, particularly in the realm of banking and financial stabilization, continues to be a point of contention among economists and policymakers.
