OREANDA-NEWS. January 28, 2009. Sergey Shvetsov who could replace CBR’s BoD Konstantin Korishchenko who chaired MICEX favors a policy of gradual devaluation and transition to the floating ruble rate, and has pledged to devote more attention to management of international currency reserves and proposes investing pension accruals into the stock market. The Duma Committee for Financial Markets on Tuesday recommended that the chamber approve Korishchenko’s resignation as a CBR board member.

CBR Chairman Sergey Ignatiev proposed appointing Shvetsov to this position, who has worked in the banking sector for more than 15 years and 10 of them at CBR. “Segrey Anatolievich is a high-ranking professional capable of hiring extremely professional subordinates... he is not afraid to defend his position, even if it differs a lot from that of management” – Ignatiev introduced Shvetsov. Shvetsov chairs one of CBR ‘s main departments whose functions include reserve management, intervention, exchange rate formation and refinancing operations. Shvetsov believes that the process of managing international currency reserves will not suffer from his appointment. “I manage 95 employees and the most of the work is performed by subordinates, therefore, the process will not suffer. However, my authority in decision-making will grow, naturally. Therefore, it will be easier for me to push through those decisions which I view as correct. In this sense, I believe that neither me nor the Bank of Russia will suffer”.