Putin nominates aide as central bank chief

MOSCOW - Russian President Vladimir Putin Tuesday nominated his aide Elvira Nabiullina as a candidate for the Central Bank chief.

During a meeting with Nabiullina and current head of Central Bank Sergei Ignatyev, Putin said he would submit his proposal to the parliament for approval.

"I intend to propose Nabiullina's candidacy for chairperson of Russia's Central Bank," Putin said, believing that she has "all necessary knowledge and experience required for the post."

The Central Bank is not just a bank but a regulator of financial system and main institution of state macroeconomic policy, Putin said.

Nabiullina, Putin's economic adviser, used to head the Ministry of Economic Development.

Putin also thanked Ignatyev for his work as the chairman of Central Bank, saying he has "changed and strengthened the country' s fiscal system" during his term.

Ignatyev't term as Central Bank head expires on June 23. Under Russian law, the president should propose a new candidate to the parliament's lower house, or State Duma, three months prior to the expiration.