Viktor Gerachenko, previously in charge of the Central Bank, has passed away.
In Memoriam: Farewell to Financial Titan, Viktor Gerashchenko
The financial world is mourning the loss of a titan, Viktor Geraschenko. With his passing at the ripe age of 88, we bid adieu to a legend, a maverick in the financial realm. His departure has left a void that no amount of gold reserves can fill.
According to Moscow-based news outlet, AGN "Moscow," Geraschenko's family confirmed the sad news of his demise. The exact cause of his death remains undisclosed.
Born on December 21, 1937, in Leningrad, Geraschenko started his illustrious career as an accountant at Gosbank USSR in 1960, after completing his studies at the Moscow Financial Institute. His journey in the finance sector took him to various foreign banks, including Vneshtorgbank USSR, Moscow Narodny Banks in London and Beirut.
In 1989, he became the chairman of Gosbank USSR, and his leadership extended to twice heading the Bank of Russia – from 1992 to 1994 and from 1998 to 2002. During this tenure, several monetary reforms were executed, some of which were met with controversy.
Various monetary reforms, such as the "Pavlov reform" in the 1990s, were carries out under Geraschenko's leadership. This included the withdrawal of large-denomination banknotes and their exchange for new ones within a specified period. Another reform in 1993 focused on exchanging banknotes from 1961 to 1992. Former Russian Minister of Economic Development Andrei Nechaev critically noted that these policies "caused harm to financial stabilization in the country."
Stepping down from his post as the head of the Central Bank, Geraschenko ventured into politics. In 2003, he was elected to the State Duma of the fourth convocation. Geraschenko ran for the presidency twice but was unsuccessful. Over the course of his long career, he was honored with numerous awards, including the Order of the Red Banner of Labor, the Order of Honor, and the Order "For Merit to the Fatherland" III degree.
Geraschenko was the author of two books, "Russia and Money. What Awaits Us?" (2009) and "No Default! Working on Mistakes" (2013), which offer insights into his thoughts on the Russian financial scene.
As we bid farewell to this legendary financier, remember him not just for his achievements, but also for his unwavering spirit, resilience, and indomitable will in an ever-evolving economic landscape.
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The loss of financial pioneer, Viktor Geraschenko, has sent ripples through the business world, politics, and general news. His tenure at the Bank of Russia saw several monetary reforms, some of which were met with controversy, impacting Russia's financial landscape significantly.
His departure from the Central Bank led him to embark on a political career, serving in the State Duma and running for presidency, before authorship of books that offered insights into the Russian financial scene. His legacy endures today, symbolizing a spirit of resilience and indomitable will within the ever-evolving economic landscape.
