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Shvetsov, a veteran of Russia’s Central Bank, will step down in March

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MOSCOW, January 14 (Itar-Tass) – Sergei Shvetsov, the first deputy chairman of the Bank of Russia, will step down on March 21, the central bank said on Friday.

Shvetsov could be the chairman of the supervisory board of MOEX Group, which manages Russia’s largest stock exchange, the group said in a statement, with the consent of the committee and shareholders.

Shvetsov has worked at the central bank since 2001, his second time working as a regulator and was heavily involved in the development of the Russian financial market, in 2013 he played a key role in the merger of the central bank and the Federal Financial Markets Service.

He was a key figure in bringing Russia out of the financial crisis in 2007-08 and 2014-15, and led the regulator’s efforts to increase financial literacy, establish trade rules, and protect the rights and interests of investors.

Shvetsov declined a request for comment on his departure.

The head of Russia’s Deposit Insurance Agency (DIA), Yuri Isaev, will join the central bank on Jan. 26 to oversee financial monitoring and other departments, the bank said. (Interview with Elena Fabrichnaya and Alexander Marrow; edited by Hugh Lawson)

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