Its governor, Viktor Gerashchenko, enjoys close personal ties with Sberbank and adamantly defends its privileged status.

ECONOMIST: Cash in your chips

Another spendthrift, Viktor Gerashchenko, the central-bank chief, has also become something of a sobersides.

ECONOMIST: Boris Yeltsin??s dying influence

Mr Gerashchenko's main success was to keep the rouble stable against the dollar, in nominal terms (see chart).

ECONOMIST: Russia's central bank