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Duma to consider Nabiullina appointment as CBR head

April 09, 2013, 13:30 UTC+3
Her candidacy was submitted to the Duma by President in connection with the expiration on June 24, 2013 of the term of office the current head of the Central Bank Sergei Ignatyev
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MOSCOW, April 9 (Itar-Tass) The State Duma lower house of Russia’s parliament on Tuesday will consider a draft resolution on the appointment of Elvira Nabiullina as head of the Bank of Russia.

Her candidacy was submitted to the Duma by President Vladimir Putin in connection with the expiration on June 24, 2013 of the term of office the current head of the Central Bank Sergei Ignatyev.

Earlier, the head of state supported Nabiullina’s request to keep Ignatyev at work in the CBR system as an adviser to the Central Bank head.

The Committee on Financial Markets last week recommended to the State Duma to adopt the draft resolution. All members of the committee present at the meeting voted for this.

The United Russia and the Liberal Democratic Party (LDPR) factions after meetings with Nabiullina decided to support her candidacy. The Communist Party (CPRF) for its part decided not to support the candidacy of Nabiullina because her program is in conflict with the party program and “no changes are expected in the highly damaging to the real economy sector financial policy.” But it is not ruled out that the Communists will not take part in the voting at Tuesday’s plenary meeting. Because A Just Russia faction made a decision on a free vote, the majority of A Just Russia members may support Nabiullina, which will allow her to get about 330340 votes.

After the introduction of Nabiullina’s candidature to the State Duma, LDPR leader Vladimir Zhirinovsky told reporters that the faction would not support her, because “the person who was incumbent head (of the Central Bank) remains as an advisor, and his credit policy did not satisfy us.” However, on the eve of the consideration of this issue at the plenary meeting the MP’s position changed. “Since she will assume this post for the first time, we do not see any reasons to deny her this high confidence,” the LDPR head told reporters on Monday. Especially that it can affect the international affairs, if some factions in the parliament do not trust the candidate for the post, he added.

At meetings with representatives of all factions Nabiullina thanked them for organising the meetings, spoke about the main tasks of the Bank of Russia and answered MPs’ questions. She also spoke of the continuity in the activities of the Central Bank, but did not rule out the possibility of making adjustments when necessary. The lawmakers were interest in the personnel issues, as well as issues related to the monetary policy, the development of the banking system, banking regulation and supervision, the expansion of the functions of the Bank of Russia and the creation of the financial mega-regulator.

Reporters were admitted only to the beginning of Nabiullina’s meetings with Duma factions, and after the words of welcome they had to quit the hall. Unlike the previous Central Bank head’s appointments, journalists this time were not allowed to attend the meeting of the relevant committee, which discussed the candidacy of Nabiullina.

Chairman of A Just Russia party, deputy chairman of the State Duma Nikolai Levichev, answering journalists’ questions after A Just Russia members’ meeting with Nabiullina, said that she was just shy. On the sidelines of the meetings people wondered how could be shy a person who has for a long time led a ministry and often talked to the press. Nabiullina for her part made it clear that she just did not want to reveal her plans ahead of time.

Nabiullina was born October 29, 1963, and in 1986 graduated from Moscow State University (MGU) getting the economist specialty. In 20072012 she was Economic Development Minister, and from May 21, 2012 RF presidential aide.

Ignatyev is Chairman of the Bank of Russia since March 20, 2002. The State Duma last extended his office term for a 4-year period on June 24, 2009.


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