Elvira Nabiullina: again at the head of a mega-regulator

© RIA Novosti / Sergey Pathiterator in fotoreceptor Central Bank of the Russian Federation Elvira Nabiullina. Archival photoElvira Nabiullina: again at the head of a mega-regulator© RIA Novosti / Sergey Pathiterator the image Bank

The beginning of a new term of office of the Chairman of Bank of Russia Elvira Nabiullina runs from Saturday, June 24.

The state Duma on June 9 extended the powers of Nabiullina on a post of the head of the Central Bank for a period of five years.

Exactly four years ago — in June 2013 — Nabiullina headed the Bank of Russia. She became the first woman in the position of head of the Central Bank of the country, a member of the Big eight.

Despite the female face, the Central Bank was persistent in achieving their goals. When Nabiullina the Bank of Russia became megaregulator, and became responsible for the development and oversight of the entire financial market.

To her merits could be considered a merciless fight against inflation. So, last year the growth of consumer prices slowed to a historically low level of 5.4%.

It was under Nabiullina began in full force to implement the mechanism of inflation targeting, and now inflation is already close to the target level of 4%. The ruble was released to float freely, which helped to preserve foreign exchange reserves of the country. Also during this period created the national payment card «the World».

In recognition Nabiullina, sanctions and the collapse in oil prices has made some changes — so during her first term in the first work plan of the Central Bank came to the task of ensuring financial stability.

Details of the biography of Elvira Nabiullina, see help RIA Novosti >>

Objectives for the next five years

Speaking to MPs in June 2017, Nabiullina has listed the strategic objectives of the regulator for the next five years: price stability, stability of the financial market, the availability of financial products and services for households and business, development of the national payment system and technology development and supports innovation in the financial market.

Russian business, according to her, have not felt the benefits of low inflation and yet does not trust the regulator sufficiently. It is therefore important to achieve confidence in the coming years.

During the work of the Central Bank Nabiullina has been criticized by a number of deputies and businessmen for monetary policy, including devaluation of the ruble in 2014, and the slow reduction of the key rate.

One of her main opponents in this area is the Stolypin club, who plays for the rapid decline rate of the Central Bank and monetary financing of the economy. In addition, the object of criticism was started under Nabiullina in 2013, the so-called «clearing» of the banking sector, which resulted in the number of banks in Russia declined by about a third.

However, Russian President Vladimir Putin has publicly expressed support for the policy pursued by the Central Bank under the leadership of Nabiullina.

Central Bank policy has also become one of the main areas of disagreement «Center for strategic research» (CSR) and the Stolypin club, which at the end of may presented to Vladimir Putin his proposals on the development strategy of the Russian economy.

Chairman of the Board of the Foundation center for strategic research, the ex-Finance Minister Alexei Kudrin in General supports the policy of the Central Bank, but the business Ombudsman Boris Titov, Chairman of the Presidium of the Stolypin club, which opposes «the fetish of low inflation in the absence of economic growth» and invites the regulator to target not only the price increase, but the growth of the economy.

From the same region — the expansion of the money supply, in other words — the start of a certain analogue of the Western «quantitative easing program», what are «stolypins» and what is considered unacceptable in CSR, stating that in the Russian reality it will only hasten inflation.

However, Nabiullina is confident that the macroeconomic stability does not ensure high growth rates, but is the basis for sustainable growth of the Russian economy. In her opinion, the problem of the growth cannot be set against the need to preserve macroeconomic stability.

The neglect of macroeconomic stability on issues of inflation, deficit, public debt can lead to the illusion of growth: the rapid accumulation of imbalances, to the accumulation of bubbles, opposes the head of the Central Bank.

As Elvira came to the Central Bank

Elvira Nabiullina: again at the head of a mega-regulator© RIA Novosti / Sergey Pathiterator in photobacteria began to make less savings, said Abilinnapea to head the Central Bank in 2013, it was intriguing. Among the possible candidates for this position were discussed and then held the post of first Deputy Chairman Alexei Ulyukayev, the head of VTB Andrey Kostin and the President of «VTB 24» Mikhail Zadornov, presidential adviser Sergei Glazyev, as well as a number of well-known economists.

Despite the vastness appear in media lists of potential candidates, the name of Nabiullina appeared only the day before the official announcement by the head of state.

Putin announced his decision at a meeting with Nabiullina and Ignatyev in March 2013. Explaining his choice, the President noted that the Central Bank «is not just a Bank, it is primarily the regulator of the financial system and major macroeconomic policy Institute of the state.»

Read more about the introduction of the key rate of the Central Bank of the Russian Federation and its changes are described in the help RIA Novosti >>


Elvira Nabiullina: again at the head of a mega-regulator© RIA Novosti / Vitaly to Incomerate in fotobabble to work, eat less. The poverty line is a third russianamerica was born 29 October 1963 in Ufa. In 1986 graduated from the economic faculty of Moscow state University named after M. V. Lomonosov.

He started his career in 1991 as a chief specialist of the Directorate of the standing Committee of the Board of the Scientific-industrial Union of the USSR for economic reform.

From 1992 to 1994 he worked as chief specialist, consultant of the Directorate of the Russian Union of Industrialists and entrepreneurs on economic policy issues.

In 1998 came to the commercial structure and worked as the Deputy Chairman of the Board to Promtorgbank.

Elvira Nabiullina: again at the head of a mega-regulator© RIA Novosti / Alexei Druginderal in fotobanka called the growth of the Russian economy are modest, but photoanimator in some periods he worked in the Foundation «Center for strategic research».

24 Sep 2007 Nabiullina was appointed Minister of economic development and trade of the Russian Federation. From may 2012 to June 2013 was assistant to the President of the Russian Federation.

Married to Yaroslav Kuz’minov, rector of National research University «Higher school of Economics». The couple have a son Vasily.

The declared income of Elvira Nabiullina for the year 2016 has made more than 26.9 million rubles.

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