Tuesday, April 9, 2013

Russia – Duma confirms nomination of Elvira Nabiullina to head Bank of Russia by a vote of 360 to 20



Elvira Nabiullina (photo by Alexey Druzhinin, RIA Novosti)


On the afternoon of 9 April the State Duma, by a vote of 360 to 20 with one abstention, confirmed the nomination of Elvira Nabiullina (Эльвира Сахипзадовн Набиуллина), 49, to head the Central Bank of the Russian Federation (Центральный банк Российской Федерации) when the term of the present Chairman, Sergey Ignatiev, expires on 24 June.  The term of office of a Chairman of the Central Bank is four years.

As reported in an earlier article in this column, Ms. Nabiullina, a close advisor of President Vladimir Putin, was nominated for the position by Putin on 12 March.  In the Duma her nomination was supported by Medvedev’s “United Russia” (Единая Россия) party, the Liberal Democratic Party (ЛДПР), and by several members of the “A Just Russia” (Справедливая Россия) party, while the Communist Party (КПРФ) was opposed to her candidacy.

Because Russia’s financial markets regulator – the Federal Financial Markets Service (Федеральная служба по финансовым рынкам) – is due to be merged with the Central Bank by the end of 2014, Nabiullina will become the first “mega-regulator” in Russia, overseeing both banking and financial markets.

Nabiullina’s most important success to date is considered to be her role in leading Russia’s negotiations on accession to the World Trade Organization (WTO) to a successful conclusion in 2011.

In an earlier interview with RIA Novosti, Nabiullina said that she did not plan any major personnel shakeups at the central bank, and that the central bank’s inflation target for 2013 would be 5-6%.

Nabiullina is regarded by those who know her as very honest and a workaholic.  She is said to like classical music and French films, and to own a Jaguar S-Type.

Sources:


Mark Pleas
Eastern Europe Banking & Deposits Consultant