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12 Mar, 2013 15:50

Putin taps aide for Russia's Central Bank, first woman to head G8 monetary authority

Putin taps aide for Russia's Central Bank, first woman to head G8 monetary authority

President Vladimir Putin said he is going to nominate his aide Elvira Nabiullina to the post of chairman of Central Bank of Russia. If elected, Nabiullina will become the first woman to take over a Group of Eight monetary authority.

President Putin underlined Nabiullina has vast experience of working in the financial sector. The comments came during his meeting with current head of Central Bank, Sergey Ignatyev, 65, who’s third and final term ends June 24.

Elvira Nabiullina, 49, served as the country’s Minister of Economic Development and Trade of Russia  since September, 2007 before becoming Valdimir Putin’s aide in May 1012.

President of the Russian Central Bank Sergey Ignatyev (RIA Novosti/Sergey Guneev)

Earlier speaking about possible nominees for the post with the reporters March 7, on the eve of Russia’s International Women’s Day holiday, President Putin said his pick would be “unexpected” and “you’ll like it.”

A majority in the State Duma, the lower house of Russian parliament, will now be needed to approve the nomination.
Of the world's central bank heads (including Federal Reserve Banks), just 17 or about 9% are women, according to this year's Central Bank Directory. Most are in emerging markets, such as South Africa's Gill Marcus and Mercedes Marco del Pont of Argentina.

If elected to the position, Elvira Nabiullina will have a wide range of issues to deal with. The Central Bank will have to find a balance between attempts to hold inflation to a range of 5% to 6% and government calls to stimulate lending. Consumer prices surged 7.3 percent in February from a year earlier, the most in 18 months, keeping the regulator from cutting interest rates, even as economic growth stumbles.

Elvira Nabiullina (RIA Novosti / Alexey Nikolsky)