Central Bank of Russia to maintain independence from government

The Central Bank of Russia will maintain its independence from the government after President Vladimir Putin’s chief economic adviser Elvira Nabiullina becomes its head, the State Duma first deputy speaker Alexander Zhukov said on Wednesday. He described candidacy of Nabiullina to be presented by Putin to Russia’s parliament as “very successful.” “Elvira Nabiullina is a very strong economist, particularly in macroeconomics she dealt with very seriously. Therefore I think that the main tasks the Central Bank should tackle - to restrain inflation and to ensure stability of the national currency – these are two things that she knows very well and has dealt with for a long while,” he said. Nabiullina who had served as Russia’s Economic Development Minister for many years “feels quite well the needs of business and economy,” Zhukov said. “I think she will be able in her policy as the head of the Central Bank to combine these two very important things – to maintain macroeconomic stability of the national currency and to take certain measures of support for Russia’s economic development.” “A very strong pressure is always exerted on the Central Bank from different sides. But I know Elvira Nabiullina from our joint work. I know she is a person who can defend her views and not to surrender to pressure, therefore it seems to me that this candidacy is very successful,” Zhukov said. In reply to the question whether Nabiullina’s candidacy was presented to the lower house of parliament, Zhukov said “there was only the president’s statement.’ In any case the State Duma will consider her candidacy during the spring session. After her candidacy’s presentation the Financial Market Committee will consider it at first and then the State Duma will do this. “There is no any tough timeframe,” he said noting that this should be done before the term of office of the current chairman of the Central Bank, Sergei Ignatuev, expires. Ignatyev has been the Central Bank’s chairman since March 20, 2002. Last time the State Duma extended his powers for four years on June 24, 2009.