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State Duma extended powers of chairman of Bank of Russia for another five years

21 April 2022 14:48 (UTC +04:00)

State Duma extended the powers of Elvira Nabiullina, Chairman of the Bank of Russia, for another five years, appointing her for a third term from June 24, APA reports citing Sputnik.

Nabiullina has been Chairman of the Bank of Russia since June 2013. At first, she was appointed to this post for four years, and in 2017 her powers were extended for five years, since the law on the Central Bank was changed; thus, they expire in June of the current year.

In this regard, Russian President Vladimir Putin on March 18 proposed to the State Duma appoint Nabiullina for a new term, which will begin on June 24.

According to the law on the Central Bank, the chairman of the Bank of Russia is appointed by the State Duma for a period of five years, and the same person cannot hold this post for more than three consecutive terms. A candidate for an appointment is presented by the President of the Russian Federation no later than three months before the expiration of the powers of the current head of the Central Bank.