--- title: "Meaning & Key Takeaway of: I think that many central banks and…" description: "\"I think that many central banks and financial authorities understand that any long term attempt to compete through an artificial depreciation of their ..." image: "https://sms4smile.com/quotes/i/8f4/elvira-nabiullina-26441_central-bank_i-think-that-many-central-banks-and-fina_830082.jpg" --- # I think that many central banks and financial authorities… ![“I think that many central banks and financial authorities understand that any long term attempt to compete through an artificial depreciation of their currency will not be very effective in the long term.” quote by Elvira Nabiullina](https://sms4smile.com/quotes/i/8f4/elvira-nabiullina-26441_central-bank_i-think-that-many-central-banks-and-fina_830082.jpg) [Download](https://sms4smile.com/quotes/i/8f4/elvira-nabiullina-26441_central-bank_i-think-that-many-central-banks-and-fina_830082.jpg) [Open image](https://sms4smile.com/quotes/i/8f4/elvira-nabiullina-26441_central-bank_i-think-that-many-central-banks-and-fina_830082.jpg) > “I think that many central banks and financial authorities understand that any long term attempt to compete through an artificial depreciation of their currency will not be very effective in the long term.” [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Artificial currency devaluation is a short‑term tactic that fails over longer horizons. **In simple terms:** Currency devaluation won’t work long term. Key Takeaway Seek sustainable economic policies. Themes macroeconomics currency policy Mood analytical cautious Type economic strategic When to use this quote - inflation control - trade negotiations - financial stability Key Concepts Monetary policy exchange rate dynamics Questions to Reflect On - What alternatives to devaluation exist? - How to build resilience against currency shocks? A Different Perspective Other factors can undermine policy effectiveness. ★ ★ ★ ★ ★ No ratings yet [Central bank](https://sms4smile.com/quotes/about/central-bank/) [Central banks](https://sms4smile.com/quotes/about/central-banks/) [Customer](https://sms4smile.com/quotes/about/customer/) [Long term](https://sms4smile.com/quotes/about/long-term/) [Money](https://sms4smile.com/quotes/about/money/) ## Related quotes > [It seems to me that a market exchange rate which is not artificially controlled by central banks enables one to balance the interests of…](https://sms4smile.com/quotes/elvira-nabiullina/it-seems-to-me-that-a-market-exchange-rate-which-is-not-artificially/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [There's no doubt that decisions made by the leading central banks do affect the global financial markets and, consequently, our situation.](https://sms4smile.com/quotes/elvira-nabiullina/there-s-no-doubt-that-decisions-made-by-the-leading-central-banks-do/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [I know very well about the necessary level of reserves of the Central Bank as well as the purpose.](https://sms4smile.com/quotes/vladimir-putin/i-know-very-well-about-the-necessary-level-of-reserves-of-the-central/) [Vladimir Putin](https://sms4smile.com/quotes/author/vladimir-putin/) > [To cover the fact that a central bank is merely a cartel which has been legalized, its proponents had to lay down a thick…](https://sms4smile.com/quotes/g-edward-griffin/to-cover-the-fact-that-a-central-bank-is-merely-a-cartel-which-has/) [G. Edward Griffin](https://sms4smile.com/quotes/author/g-edward-griffin/) > [We can tell the general public that the gold and foreign currency reserves of the Central Bank are not designed to finance the economy,…](https://sms4smile.com/quotes/vladimir-putin/we-can-tell-the-general-public-that-the-gold-and-foreign-currency/) [Vladimir Putin](https://sms4smile.com/quotes/author/vladimir-putin/) > [There are five main purposes of central bank cooperation"..."the provision of international credits and joint efforts to influence asset prices (especially gold and foreign…](https://sms4smile.com/quotes/william-smith-white/there-are-five-main-purposes-of-central-bank-cooperation-the/) William Smith White > [Business cycles lengthened greatly during the 20th century, as central banks learned to manage national economies by raising and lowering interest rates.](https://sms4smile.com/quotes/alex-berenson/business-cycles-lengthened-greatly-during-the-20th-century-as-central/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [What central banks can control is a base and one way they can control the base is via manipulating a particular interest rate, such…](https://sms4smile.com/quotes/milton-friedman/what-central-banks-can-control-is-a-base-and-one-way-they-can-control/) [Milton Friedman](https://sms4smile.com/quotes/author/milton-friedman/) > [Central banks are choosing to increase their gold holdings as a percentage of total reserves. They obviously think there is a reason to do…](https://sms4smile.com/quotes/peter-schiff/central-banks-are-choosing-to-increase-their-gold-holdings-as-a/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [It is clear to me that the financial sector, including CNBC, loves central banks](https://sms4smile.com/quotes/marc-faber/it-is-clear-to-me-that-the-financial-sector-including-cnbc-loves/) [Marc Faber](https://sms4smile.com/quotes/author/marc-faber/) > [We are privileged that the dollar is the "currency of last resort" and the most important currency in the world. Global commodities are priced…](https://sms4smile.com/quotes/kabir-sehgal/we-are-privileged-that-the-dollar-is-the-currency-of-last-resort-and/) [Kabir Sehgal](https://sms4smile.com/quotes/author/kabir-sehgal/) > [By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds…](https://sms4smile.com/quotes/george-soros/by-creating-the-european-central-bank-the-member-states-exposed-their/) [George Soros](https://sms4smile.com/quotes/author/george-soros/) > [Welcome to the age of paper money, where governments and central banks can manufacture as much money as they want without limit. Gold was…](https://sms4smile.com/quotes/llewellyn-rockwell/welcome-to-the-age-of-paper-money-where-governments-and-central-banks/) [Llewellyn Rockwell](https://sms4smile.com/quotes/author/llewellyn-rockwell/) > [Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive…](https://sms4smile.com/quotes/llewellyn-rockwell/repeal-the-entire-banking-act-of-1933-and-austrian-school-economists/) [Llewellyn Rockwell](https://sms4smile.com/quotes/author/llewellyn-rockwell/) > [There could be some compromise, but I think we have to stick to the provisions of the treaty, and the provisions of the treaty…](https://sms4smile.com/quotes/jacques-santer/there-could-be-some-compromise-but-i-think-we-have-to-stick-to-the/) [Jacques Santer](https://sms4smile.com/quotes/author/jacques-santer/) ## More by Elvira Nabiullina > [I do not feel that some things are masculine and others are feminine.](https://sms4smile.com/quotes/elvira-nabiullina/i-do-not-feel-that-some-things-are-masculine-and-others-are-feminine/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [There's no doubt that decisions made by the leading central banks do affect the global financial markets and, consequently, our situation.](https://sms4smile.com/quotes/elvira-nabiullina/there-s-no-doubt-that-decisions-made-by-the-leading-central-banks-do/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [Inflation in Russia is primarily related to internal factors.](https://sms4smile.com/quotes/elvira-nabiullina/inflation-in-russia-is-primarily-related-to-internal-factors/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [One of the main priorities of Russia's economic policy is to create conditions and form our own financial resources for economic modernisation.](https://sms4smile.com/quotes/elvira-nabiullina/one-of-the-main-priorities-of-russia-s-economic-policy-is-to-create/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [As a former economy minister, I can't not think about economic growth. The central bank should also think about this but through its own…](https://sms4smile.com/quotes/elvira-nabiullina/as-a-former-economy-minister-i-can-t-not-think-about-economic-growth/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [The use of crypto-currency as a surrogate for the ruble in trading in goods and services, in our opinion, has a risk of undermining…](https://sms4smile.com/quotes/elvira-nabiullina/the-use-of-crypto-currency-as-a-surrogate-for-the-ruble-in-trading-in/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [I believe that high, sustainable growth rates can only be possible on the basis of macro-stability.](https://sms4smile.com/quotes/elvira-nabiullina/i-believe-that-high-sustainable-growth-rates-can-only-be-possible-on/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [What pleases us is that people are realising that punishment is inevitable for those who don't respect the law.](https://sms4smile.com/quotes/elvira-nabiullina/what-pleases-us-is-that-people-are-realising-that-punishment-is/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [In general, global economic growth supports Russian economy.](https://sms4smile.com/quotes/elvira-nabiullina/in-general-global-economic-growth-supports-russian-economy/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [A flexible exchange rate is important, and it shouldn't be artificially restrained because of the needs of the economy.](https://sms4smile.com/quotes/elvira-nabiullina/a-flexible-exchange-rate-is-important-and-it-shouldn-t-be/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [The monetary policy instruments which Russia has at its disposal are pretty well developed.](https://sms4smile.com/quotes/elvira-nabiullina/the-monetary-policy-instruments-which-russia-has-at-its-disposal-are/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [Of course I welcome all the normalization of monetary policy. I think monetary policy should be normal.](https://sms4smile.com/quotes/elvira-nabiullina/of-course-i-welcome-all-the-normalization-of-monetary-policy-i-think/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [My view was that government officials could not sit on the board of the central bank, and I am very happy that has been…](https://sms4smile.com/quotes/elvira-nabiullina/my-view-was-that-government-officials-could-not-sit-on-the-board-of/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [Cooperation on the international level could help to solve the problem of sources of sharp capital flow volatility and its consequences.](https://sms4smile.com/quotes/elvira-nabiullina/cooperation-on-the-international-level-could-help-to-solve-the/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) > [In my view, the key aim of economic policy in many countries, and particularly in Russia, should be the sort of policy that stimulates…](https://sms4smile.com/quotes/elvira-nabiullina/in-my-view-the-key-aim-of-economic-policy-in-many-countries-and/) [Elvira Nabiullina](https://sms4smile.com/quotes/author/elvira-nabiullina/) [Explore all 21 Elvira Nabiullina quotes ](https://sms4smile.com/quotes/author/elvira-nabiullina/) ## More Central bank quotes > ['Inequality' has become the political theme/slogan of our time in both Europe and the U.S., yet political leaders do not even bother to consider…](https://sms4smile.com/quotes/paul-singer/inequality-has-become-the-political-theme-slogan-of-our-time-in-both/) [Paul Singer](https://sms4smile.com/quotes/author/paul-singer/) > [There could be some compromise, but I think we have to stick to the provisions of the treaty, and the provisions of the treaty…](https://sms4smile.com/quotes/jacques-santer/there-could-be-some-compromise-but-i-think-we-have-to-stick-to-the/) [Jacques Santer](https://sms4smile.com/quotes/author/jacques-santer/) > [There is no doubt in my mind that as central banks begin to abandon the dollar, there will be an enormous amount of monetary…](https://sms4smile.com/quotes/porter-stansberry/there-is-no-doubt-in-my-mind-that-as-central-banks-begin-to-abandon/) [Porter Stansberry](https://sms4smile.com/quotes/author/porter-stansberry/) > [Monetary policy transmission encompasses the whole continuum of interest rates; of course, the central bank only determines the overnight policy rate.](https://sms4smile.com/quotes/urjit-patel/monetary-policy-transmission-encompasses-the-whole-continuum-of/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [The fear is that if the dollar falls below 50% of the currency basket held by commercial and central banks and insurance companies, there…](https://sms4smile.com/quotes/porter-stansberry/the-fear-is-that-if-the-dollar-falls-below-50-of-the-currency-basket/) [Porter Stansberry](https://sms4smile.com/quotes/author/porter-stansberry/) > [Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive…](https://sms4smile.com/quotes/llewellyn-rockwell/repeal-the-entire-banking-act-of-1933-and-austrian-school-economists/) [Llewellyn Rockwell](https://sms4smile.com/quotes/author/llewellyn-rockwell/) > [In the old days we were the challenger brand competing against the big banks, but today I go round the world and I sit…](https://sms4smile.com/quotes/lloyd-dorfman/in-the-old-days-we-were-the-challenger-brand-competing-against-the/) [Lloyd Dorfman](https://sms4smile.com/quotes/author/lloyd-dorfman/) > [“The Fed is still on the same track.” Whatever you call it, the benign economic environment has supported a bull market since 2009, and…](https://sms4smile.com/quotes/anonymous/the-fed-is-still-on-the-same-track-whatever-you-call-it-the-benign/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [We've delegated politics to bankers. The European Central Bank is inside Deutsche Bank, and Deutsche Bank is inside the Bundesbank.](https://sms4smile.com/quotes/beppe-grillo/we-ve-delegated-politics-to-bankers-the-european-central-bank-is/) [Beppe Grillo](https://sms4smile.com/quotes/author/beppe-grillo/) > [Believe me. When you're talking about trust in government, you're preaching to the choir, whether it's on the financial side, the central banking side:…](https://sms4smile.com/quotes/rick-santelli/believe-me-when-you-re-talking-about-trust-in-government-you-re/) [Rick Santelli](https://sms4smile.com/quotes/author/rick-santelli/) > [Welcome to the age of paper money, where governments and central banks can manufacture as much money as they want without limit. Gold was…](https://sms4smile.com/quotes/llewellyn-rockwell/welcome-to-the-age-of-paper-money-where-governments-and-central-banks/) [Llewellyn Rockwell](https://sms4smile.com/quotes/author/llewellyn-rockwell/) > [By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds…](https://sms4smile.com/quotes/george-soros/by-creating-the-european-central-bank-the-member-states-exposed-their/) [George Soros](https://sms4smile.com/quotes/author/george-soros/) > [We are privileged that the dollar is the "currency of last resort" and the most important currency in the world. Global commodities are priced…](https://sms4smile.com/quotes/kabir-sehgal/we-are-privileged-that-the-dollar-is-the-currency-of-last-resort-and/) [Kabir Sehgal](https://sms4smile.com/quotes/author/kabir-sehgal/) > [Debt, we've learned, is the match that lights the fire of every crisis. Every crisis has its own set of villains - pick your…](https://sms4smile.com/quotes/andrew-ross-sorkin/debt-we-ve-learned-is-the-match-that-lights-the-fire-of-every-crisis/) [Andrew Ross Sorkin](https://sms4smile.com/quotes/author/andrew-ross-sorkin/) > [It is clear to me that the financial sector, including CNBC, loves central banks](https://sms4smile.com/quotes/marc-faber/it-is-clear-to-me-that-the-financial-sector-including-cnbc-loves/) [Marc Faber](https://sms4smile.com/quotes/author/marc-faber/) [Browse all 254 Central bank quotes ](https://sms4smile.com/quotes/about/central-bank/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "I think that many central banks and financial authorities understand that any long term attempt to compete through an artificial depreciation of their currency will not be very effective in the long term.", "creator": { "@type": "Person", "name": "Elvira Nabiullina" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/elvira-nabiullina/i-think-that-many-central-banks-and-financial-authorities-understand/", "about": { "@type": "Thing", "name": "Central bank" }, "@id": "https://sms4smile.com/quotes/elvira-nabiullina/i-think-that-many-central-banks-and-financial-authorities-understand/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/8f4/elvira-nabiullina-26441_central-bank_i-think-that-many-central-banks-and-fina_830082.jpg", "contentUrl": "https://sms4smile.com/quotes/i/8f4/elvira-nabiullina-26441_central-bank_i-think-that-many-central-banks-and-fina_830082.jpg", "url": "https://sms4smile.com/quotes/i/8f4/elvira-nabiullina-26441_central-bank_i-think-that-many-central-banks-and-fina_830082.jpg", "width": 1080, "height": 1080, "caption": "“I think that many central banks and financial authorities understand that any long term attempt to compete…” — Elvira Nabiullina", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Elvira Nabiullina", "item": "https://sms4smile.com/quotes/author/elvira-nabiullina/" }, { "@type": "ListItem", "position": 4, "name": "I think that many central banks...", "item": "https://sms4smile.com/quotes/elvira-nabiullina/i-think-that-many-central-banks-and-financial-authorities-understand/" } ], "@id": "https://sms4smile.com/quotes/elvira-nabiullina/i-think-that-many-central-banks-and-financial-authorities-understand/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```