Elvira Nabiullina has been the head of the Russian central bank since 2013 and has provided a stable hand during the recovery from the recent recession, caused by Western sanctions and a collapse in the price of oil on global markets.
The Russian State Duma voted to extend the term of office of Elvira Nabiullina as the Central Bank’s Governor for another 5 years. The new term will begin on June 24, 2017.
Elvira Nabiullina has been occupying the post since June 24, 2013. On March 22, Russian President Vladimir Putin presented Nabiullina’s candidacy to the State Duma to extend her term of office, reported Russian state news agency TASS.
Nabiullina raised interest rates dramatically several years ago and has allowed the to drop as inflation has been reduced from earlier high levels. Russia has also been adding to its rainy day funds slowly to replace funds lost to defend the Russian currency.