Elvira Nabiullina is one of the most successful and influential ladies in Russia and the world, holding the position of Chairman of the Central Bank of the Russian Federation. Thanks to her professionalism and strategic thinking, Nabiullina became the first woman in the history of the Russian economy to become the country's chief banker. The head of the Central Bank is considered a paradoxical person who attracts attention with unconventional solutions.
Childhood[]
Elvira Nabiullina was born in October 1963 in the capital of Bashkortostan, Ufa. Tatar by nationality. His father, Sakhipzada Saitzadaevich, served as a driver, and his mother, Zuleikha Khamatnurovna, worked as an operator at an instrument-making plant.
Due to the constant employment of her parents at work, the future head of the Central Bank of the Russian Federation was raised by her grandmother, who turned out to be an educated and intelligent woman who invested all the best in her granddaughter. Thanks to an older relative and the atmosphere that developed in the house of conservative Tatars, Elvira Nabiullina and brother Irek were excellent students at school and did not cause trouble to either their relatives or teachers.
Being a diligent, diligent and capable student, Nabiullina graduated from high school No. 31 in her hometown with straight A's, which allowed Elvira to easily enter the Faculty of Economics of Moscow State University. M.V. Lomonosov, who graduated with honors in 1986 as a financier.
Having received her diploma, the girl decided to continue her studies and entered graduate school, which later opened the way for Elvira Nabiullina into the world of state economics.
Career[]
Nabiullina’s work biography started in 1991 in the standing committee of the Scientific-Industrial Union of the USSR on economic reform, where Elvira Sakhipzadovna was accepted to the position of chief specialist. A year later, the future chairman of the Central Bank received a promotion and transferred as a consultant to the directorate of the Russian Union of Industrialists and Entrepreneurs, and from there - directly to the Ministry of Economy of the Russian Federation.
Initially, Nabiullina took the post of head of the department of state regulation of the economy. But, being active in her position, she reached heights and in 1997 acted as Deputy Minister of Economy of the Russian Federation Yevgeny Yasin, Elvira Sakhipzadovna’s main mentor at the beginning of her administrative career.
In 1998, when the Russian government was headed by Yevgeny Primakov, Nabiullina had to leave the Ministry of Economy and go into private business. But a year later, the professional financier managed to return again with the help of German Gref, who at that time headed the Center for Strategic Research. At that time, Gref was the first deputy minister of state property of the Russian Federation and a member of Vladimir Putin’s election headquarters.
When Putin came to power, Elvira Nabiullina, who served as vice-president of the TsSR, became the first deputy of Herman Oskarovich, with whom she developed the economic program of the future head of Russia, called the “Gref Strategy”.
Elvira Sakhipzadovna’s talent and dedication did not go unnoticed. In 2002, by decree of Russian President Vladimir Putin, Nabiullina was awarded the rank of active state adviser, 1st class.
In 2003, Nabiullina again had to leave the highest echelons of power and return to the Center for Strategic Development, taking the post of president of the organization. By that time, Elvira Sakhipzadovna had already earned a reputation as a leading specialist in macroeconomics, which allowed the financier in 2005 to head the expert council for the implementation of priority national projects and demographic policy under the President of Russia.
In 2007, Nabiullina was appointed Minister of Trade and Economic Development of the Russian Federation. The official replaced her comrade-in-arms Herman Gref in this post, and less than a year later she became the Minister of Economy of Russia. The main achievements in his position were participation in the process of forming the state corporation “Russian Technologies”. Experts also note the anti-crisis plan, or “survival program,” which was approved by then-current Prime Minister Vladimir Putin in 2009.
Head of the Central Bank[]
In 2012, after Putin’s victory in the presidential elections, Nabiullina was appointed Vladimir Vladimirovich’s assistant on economic issues. At the same time, in 2013, Elvira Sakhipzadovna was approved as deputy chairman of the National Financial Council, and in March of the same year she became the first woman to head the country’s Central Bank.
Experts called Nabiullina the most influential person in the field of Russian finance, as the official helped the state survive the difficult stages of the crisis, thanks to which she became an iconic figure in the global economic community. Experts note willpower, diligence and the ability to keep one’s word. The qualities proved that the female position is sometimes stronger than male assessments and approaches, despite the fact that Elvira Sakhipzadovna got one of the most difficult places in the federal power structure.
Of course, the nomination of Elvira Sakhipzadovna to the post of head of the Central Bank of Russia became a world sensation, since ladies are rarely trusted with such responsible positions. The intrigue remained until the last moment. Neither in the press nor on the sidelines of the government did Nabiullina’s name appear on the supposed lists of possible leaders of the country’s main bank. But in 2013, the president decided to entrust the Central Bank not to an experienced financier, but to a person versed in macroeconomics who understands the needs of modern and real business.
In 2016, the problem of ruble volatility intensified. At a meeting between the heads of credit institutions and the management of the Bank of Russia, Elvira Sakhipzadovna named three ways that could stabilize the ruble, emphasizing that the most effective of them is considered to be diversification of the economy. Nabiullina noted that the stabilization of the ruble began a year ago, but over time new difficulties arose.
In December, the head of the Central Bank made another resonant statement. Elvira Nabiullina spoke about the dangers of rapid wage growth, which outraged a large number of Russians.
At the end of 2016, the Central Bank revoked the license of the largest monetary organization in Tatarstan, Tatfondbank, as part of a program to cleanse the financial sector of unscrupulous players. According to the Central Bank, Tatfondbank ignored federal laws, and the amount of capital fell below the minimum. This prompted the Central Bank to take extreme measures. Nabiullina assured concerned investors that citizens would receive their money by the New Year.
In June 2017, Elvira Sakhipzadovna’s current powers as head of the Central Bank expired, but Vladimir Putin voiced recommendations for Nabiullina’s appointment for a second 5-year term. The State Duma listened to the president's opinion.
In addition to the main responsibilities of the head of the financial regulator, Elvira Nabiullina at different times participated in the work of many state corporations and organizations, including RAO UES and Gazprom, the Skolkovo Foundation, the Pushkin Museum of Fine Arts. A.S. Pushkin, National Financial Council.
In the spring of 2018, in an interview, the head of the Central Bank said that pensioners lack economic literacy and understanding of investment processes, so many of the elderly languish in poverty. Members of the public were outraged by the banker's statement, which they called cynical. Thus, on her personal page on Facebook, TV presenter Lera Kudryavtseva burst into an angry tirade, and the Russian segment of Twitter also abounded in indignant comments.
Despite her analytical mind, Nabiullina cannot predict everything. In addition, in Russia, the saying “Don’t swear off money or prison” continues to apply for centuries. Therefore, the expert was surprised by the arrest of the executive director of Trust Bank, Mikhail Khabarov. At least in an interview, Elvira Sakhipzadovna called what happened a surprise.
But if Nabiullina made a forecast, she strives to defend her own calculations. Thus, in 2020, the financier again outraged the public, calling for the termination of the preferential mortgage program. Elvira Sakhipzadovna referred to the fact that an increase in demand will lead to an increase in real estate prices. However, this time they did not listen to the official and extended the project.
At the end of 2020, Forbes published the traditional top 100 influential women in the world. For the third year in a row, Elvira Nabiullina was the only Russian woman in the ranking.
It is not easy to calculate what salary the head of the Central Bank receives per month. But you can refer to tax documents. According to official information, Nabiullina’s profit in 2020 was almost 36 million rubles, and her wife’s was 44.6 million rubles.
In addition, Elvira Sakhipzadovna’s income statement indicates that the economist owns an apartment with an area of more than 110 m² and a Jaguar S-Type car.
In 2021, Nabiullina again caused indignation among Russians by speaking out about rising prices. The financier said that freezing the cost of a number of products is dangerous because it will lead to shortages. The public was also outraged by the decision to increase the key rate. Nabiullina believed that a decrease in the indicator would ultimately lead to a further increase in inflation and a loss of confidence in the ruble.
At the same time, in an interview with Bloomberg, Elvira Sakhipzadovna stated that she aims to reduce the dependence of the Russian currency on foreign ones.
Elvira Nabiullina now[]
In December 2023, RBC published a long interview with the head of the Central Bank. In the conversation, the economist spoke about how she managed to cope with the situation of sanctions, and about forecasts for 2024. Nabiullina noted that since 2014 they have been considering a variety of options for the development of the situation. Therefore, when everything happened, many large banks were already prepared for such a turn of events. And as a result, the country managed to maintain financial stability.
Despite the fact that the economy managed to withstand the conditions of 2022, Elvira Sakhipzadovna warned against dangerous thoughts that now “the sea is knee-deep.” Therefore, activities to develop a strategy with a possible increase in sanctions continued.
Nabiullina did not predict major changes in the foreign exchange market in 2024 and noted the positive point that many Russian companies have decided to receive revenue from exports in rubles. The economist commented on the pressing issue of preferential mortgages by stating that the mass program will come to an end in July, while targeted family mortgages will remain unchanged. She named reducing the gap in cost between secondary housing and new buildings as one of the main goals in the housing sector.