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Nabiullina Gives Sanctions Forecasts
27.09.2016 17:22
Nabiullina Gives Sanctions Forecasts

The effect of economic sanctions against Russia will continue for another three years. This was told by the Head of the Central Bank Elvira Nabiullina according to Rambler News Service.

      “We base our forecasts on the assumptions that the sanctions will continue throughout the three-year period” - she said. Despite the persistence of the sanctions, there will be no problems with payments balance, as the Chairperson of the Bank of Russia noted. “There will be no pressure on any exchange rate or inflation, because the balance of payments has already adapted to sanctions and to the low oil price” – Nabiullina said.

Elvira Sakhipzadovna Nabiullina is a Tatar born-Russian economist and head of the Central Bank of Russia. She was Russian President Vladimir Putin's economic adviser between May 2012 to June 2013 after serving as minister of economic development and trade from September 2007 to May 2012. As of 2014, she is listed as the 72nd most powerful woman in the world by Forbes. Between 1991 and 1994 Nabiullina worked at the USSR Science and Industry Union and its successor, the Russian Union of Industrialists and Entrepreneurs. In 1994 she moved to the Ministry for Economic Development and Trade, where she rose to the level of deputy minister by 1997; she left the ministry in 1998. She spent the next two years with Sberbank as its chief executive and with former Economic Development and Trade Minister German Gref's non-governmental think tank, the Center for Strategic Development, before returning to the Ministry for Economic Development and Trade as first deputy in 2000. Between 2003 and her September 2007 appointment as minister, she chaired the Center for Strategic Development as well as an advisory committee preparing for Russia's 2006 presidency of the G8 group of nations. Russian President Putin appointed Nabiullina to the post of minister of economic development and trade on 24 September 2007, replacing Gref. She found working with then-deputy premier and finance minister Alexei Kudrin "difficult but always interesting" and remained in that position until 21 May 2012. In 2012 she was one of six senior government figures to accompany Putin back to the Kremlin administration after Putin was elected president of Russia for a third term.


In 2013 Nabiullina was appointed head of the Central Bank of Russia, becoming the second woman after Tatiana Paramonova to hold that position, and thus the first Russian woman in the G8. In May 2014 she was named one of the world's most powerful women by Forbes, which noted that she "has been given the difficult task of managing the ruble exchange rate during Ukraine's political crisis and facilitating growth for an economy trying to avoid a recession".


Author: Anna Dorozhkina


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