Russian Central Bank governor Elvira Nabiullina ranks 49th in the Forbes ranking of the 100 most powerful women in the world for 2018. Incidentally, Nabiullina is the only Russian woman on the list. This is not the first time Nabiullina has appeared on the Forbes List. She was ranked 72 in 2014.
Nabiullina became head of Russia's Central Bank began in 2013. According to Forbes, Nabiullina believes that keeping a floating exchange rate and reserving the surplus from the sale of hydrocarbons has reduced Russia's dependence on oil. However, she believes that fluctuations in oil prices, trade wars, strengthening of sanctions on oil and energy are risks to the Russian economy.
The central bank was prepared for the eventuality of Washington imposing sanctions on Russia, Nabiullina had said earlier. If sanctions were imposed, the Russian central bank had developed a system of measures with every major bank, she said, Forbes reported.
In 2017, the British finance journal The Banker had named Russian Central Bank Head Elvira Nabiullina as the European Central Bank Chairman of the year, according to The Moscow Times. The report said The Banker highlighted Nabiullina's success in controlling Russia's inflation rate.
"The efforts of the Central Bank head has led to the fact that the rate of inflation by the end of 2016 fell below 6 percent from 12.9 percent in 2015," the journal noted, The Moscow Times reported.
Nabiullina is gradually cleaning up the Russian banking system, which has already lost around half of its banks in the last five years, a Reuters report said. To limit the risks from western sanctions on the Russian economy, the central bank has started to wean banks off lending in foreign currencies, mainly in US dollar, especially after the central bank adopted a free-floating ruble regime at the end of 2014.