Former Minister of Economic Development of Russia, Elvira Nabiullina, officially became the head of the Central Bank on Monday, having replaced Sergei Ignatiev on the position. Formally, her appointment was approved by the State Duma in April.
Sergei Ignatiev headed the Central Bank from 2002 to 2013. He will take over as an adviser to Nabiullina. President Vladimir Putin proposed Nabiullina for the position of the chairperson of the Central Bank. She had served as Putin's assistant from May 22nd, 2012.
Before taking office, Nabiullina assured the general public that the devaluation of the ruble would not take place in the near future.