Russian Central Bank Governor Elvira Nabiullina speaks during a news conference in Moscow, Russia September 16, 2016. REUTERS/Maxim Zmeyev
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Russia's central bank governor isn't sure if the unprecedented monetary easing around the world is a killer or a cure for the global economy. With the world awash in cash thanks to the stimulus programs of central banks from Europe to Japan, investors have poured money into projects that are damaging productivity while doing nothing to ease market volatility, Gov. Elvira Nabiullina said in an interview with CNBC broadcast Friday.Chair Janet Yellen has described the Fed's policy as "only modestly accommodative," partly because slow productivity growth and an aging workforce have reduced the economy's potential pace of expansion and thus its long-run equilibrium interest rate.Weak global growth has undermined demand for Russia's main exports, forcing its central bank to seek a policy that will boost labor productivity, according to Nabiullina.
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