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Ignatiyev Nominated for Central Bank

Russia's new Central Bank head, Elvira Nabiullina has proposed that her predecessor, Sergei Ignatiyev, remain on the bank's board of directors, according to a list of candidates published by the Central Bank on Tuesday.

Ignatiyev's continuing tenure in a formal position at the bank would be seen as a sign of policy continuity. Nabiullina, who took over in June, previously said she would ask Ignatyev to remain on as an adviser.

Ignatiyev, a veteran who headed the bank for 11 years, is credited with raising the status and effectiveness of the Central Bank, presiding over a fall in inflation and boosting confidence in the ruble.

New head Nabiullina, a former economic adviser to President Vladimir Putin, had been expected by some analysts to pursue a looser monetary policy to boost flagging economic growth at a time when the Central Bank has come under fire from some government officials for its tight money policy.

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