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Ex Central Bank Governor on his decision to quit

21 october 2013, 13:23
0
Gregory Marchenko. ©Yaroslav Radlovsky
Gregory Marchenko. ©Yaroslav Radlovsky
When asked in an interview for Russia’s Prime Agency about his decision to quit the position of the Central Bank Governor, Mr. Gregory Marchenko said that it is the fourth time he has quitted public service. “The market economy is cyclic; so is my life: some years of work in public service alternating with some years of work in the private sector (…) now is a new period of the private sector for me. Less stress, less responsibility, more financial benefits (…)”, the ex Governor said.

“I don’t feel underappreciated or hurt. It was my own decision to file in a resignation letter back in July. At that time President Nazarbayev didn’t immediately let me go. From my point of view, replacement of a Central Bank governor should be regarded as a normal thing. Since Kazakhstan gained independence, there have been 6 governors. President assured the Central Bank’s policy wouldn’t be changed. The newly appointed governor reiterated the stance”.

“In our country the media tend to position any decision of the Central Bank as being sponsored by one person. However, the Central Bank is a pool of experts and any important decision is a concerted decision of them all. Therefore it would not be correct to say the governor defines the Bank’s policy. My resignation is only replacement of one of the Board members”.

“I have just offered myself in the labor market, the private sector. It’s the third time I’ve done that. I have had some job offers already (…) For some family reasons in the nearest 10 months I will not be able to do a full-time job, but I could be an independent director or advisor (…) There is a legal restriction for me as an ex Central Governor to head any of financial institutions in Kazakhstan for the following three years (…)”.

“[Gregory Marchenko] worked in this position for many years, steering Kazakhstan through tough times. He made a great contribution into the country’s financial system, into the National Bank, into management of the National Oil Fund. I am grateful for all of his efforts”, President Nazarbayev said when commenting on replacement of the Central Bank Governor.

“Mr. Kelimbetov is 45 years old. He holds degrees from the Moscow State University and Georgetown University. He has been Minister of Economic Affairs, Vice PM, a negotiator on the Customs Union and the Eurasian Economic Union. I believe his expertise will have a positive impact on the National Bank”, President said, adding that the decision will benefit the Nation and assured the National Bank’s policy wouldn’t change.

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