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Sergei Ignatyev's term in office will expire on June 23, 2012 but in accordance with the law, the President must make the nomination to the State Duma of the new head of the Central Bank not later than three months before that date, that is, by March 23, 2012.

Elvira Nabiullina suggested that if her candidacy for the post of Central Bank chairperson is approved, she will appoint Sergei Ignatyev her adviser.

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President of Russia Vladimir Putin: Good afternoon, colleagues,

Mr Ignatiev, the time is approaching when you will have to leave the post of Chairman of the Central Bank of the Russian Federation. Before talking about the future, I would like to express my sincere gratitude for these years of working together.

Central Bank Chairman Sergei Ignatiev: Thank you.

Vladimir Putin: These past years of joint efforts have been both interesting and useful.

But that is not the most important thing. It is a fact that during the years when you were Chairman of the Central Bank of Russia, the financial system in our country has changed and strengthened significantly. This was largely due to your professionalism and perseverance.

I would also like to note that the most difficult and dangerous period for our economy – the financial and then the global economic crisis – passed with relatively small losses in our country, and that was in part due to your efforts. I am particularly grateful to you for this. I am sure that your hard work in this post will be marked with a state decoration. Thank you very much.

As for your successor, and I already informed you about it, I intend to nominate Elvira Nabiullina for the post of Chairperson of the Central Bank of Russia. The reason for this decision is that, as all of us and the experts know well, the Central Bank is not just a bank, at least it is not a commercial bank, but primarily a regulator of the financial system and a major institution of state macroeconomic policy.

Elvira Nabiullina served as the Minister of Economic Development for a long time, she headed the relevant ministry, and now heads the economic bloc in the Presidential Executive Office, and I intend to submit her candidacy to the State Duma for approval. I hope that Ms Nabiullina accepts this proposal.

Presidential Aide Elvira Nabiullina: Mr President, first of all I want to thank you for the trust you are showing by proposing my candidacy. I understand how responsible, demanding and professional this work is, and would like to ask (if the State Duma endorses my candidacy) Mr Ignatiev to stay on at the Central Bank as adviser to the Chairperson.

Vladimir Putin: Mr Ignatiev, I join Ms Nabiullina in this request and hope that you will accept this proposal.

Sergei Ignatiev: Thank you, I agree.

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