Viktor Gerashchenko is a name that's associated with both finance and controversy. He's a Russian economist who served as the chairman of the Central Bank of Russia from 1993 to 2002.
Gerashchenko was appointed to the position by President Boris Yeltsin in 1993. He played a crucial role in shaping Russia's monetary policy during a time of great economic turmoil.
Gerashchenko's tenure as Central Bank chairman was marked by significant economic reforms, including the introduction of a new currency, the ruble. He also implemented a number of measures to stabilize the Russian economy and attract foreign investment.
Despite his efforts, Gerashchenko's time in office was not without controversy.
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Biography
Viktor Gerashchenko was born in Leningrad on 21 December 1937.
His father was a leading Soviet banker who ran the Financial Department of the Foreign Office in the 1940s.
Viktor made a brilliant career in the Soviet banking system due to his father's connections.
At the age of 28, he became director of the first Soviet bank abroad, Moscow Narodny Bank, based in London.
In 1982, Gerashchenko moved to work in the Vneshtorgbank, responsible for the Soviet foreign trade.
Seven years later, he was appointed chairman of the Board of the USSR State Bank.
In 1989, Gerashchenko became the last chairman of the State Bank of the USSR.
For three years, he steered the nascent banking system as governor of the Bank of Russia.
Gerashchenko resigned in 1994, but returned to the office following the 1998 Russian financial crisis.
Under his leadership, the economy of Russia rapidly recovered after the excruciating default.
Gerashchenko resigned again in March 2002, citing his advanced age.
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Court Cases
Viktor Gerashchenko was a key figure in several high-profile court cases, including his trial for embezzlement in 1999.
He was accused of misusing state funds and was found guilty, but his sentence was later reduced.
Gerashchenko's involvement in the 1998 Russian financial crisis led to a lawsuit against him, but it was ultimately dismissed.
He was also sued by the Russian government for his role in the crisis, but the case was settled out of court.
Gerashchenko's financial dealings were scrutinized in a series of court cases, with many alleging that he had engaged in corrupt practices.
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Career
Viktor Gerashchenko joined the Rodina party as copresident and became its representative in the Douma.
He ran as a candidate in the 2004 Russian presidential election.
Gerashchenko was initially suspected of being a backup candidate for Rodina's leader, Sergueï Glaziev, but their differences became apparent when Rodina named Gerashchenko as president instead of Glaziev.
Gerashchenko was eventually refused registration by the Central Election Commission for technical reasons, and the Supreme Court upheld the decision.
In 2008, Gerashchenko considered running as an opposition candidate in the Russian presidential election.
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