Russian central bank governor Nabiullina to be nominated for further five-year term

By bne IntelliNews March 22, 2017

The governor of the Central Bank of Russia (CBR), Elvira Nabiullina, will be nominated for another five-year term, President Vladimir Putin told the country’s top banker on March 22. The nomination will have to be approved by the State Duma parliament.

Nabiullina is credited with steering Russia through the 2014-2015 recession by free floating the ruble and targeting inflation, which was reined in to its lowest level in post-Soviet history during her tenure.

The CBR under Nabiullina also launched a clean-up of the banking system, withdrawing over 300 banking licences and cutting the number of banks by almost a third.

In January, the UK-based finance magazine The Banker named Nabiullina as the European central banker of the year in 2016. Nabiullina’s achievements in controlling Russia’s inflation rate was a main reason for according her the ranking, the magazine said.

Born in 1963, Nabiullina served as Russia’s economic development and trade minister between September 2007 and May 2012 before being appointed to head the CBR in June 2013. She also served as an advisor to Russian President Vladimir Putin on economic issues between May 2012 and June 2013.

Putin said that the CBR governor had “done a great deal to stabilise the situation in the economy generally, for allowing the banking sector and the whole financial sector to develop”, according to Interfax.

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