English

Nadzeya Yermakova appointed to head National Bank

Alyaksandr Lukashenka on July 27 signed a presidential edict appointing Nadzeya Yermakova chairperson of the board of the National Bank of Belarus (NBB), BelaPAN said.

Prior to the appointment, Ms. Yermakova served as head of the country’s largest bank, Belarusbank.

The previous head of the National Bank, Pyotr Prakapovich was dismissed by Mr. Lukashenka on July 18. The dismissal came a month after the ailing Prakapovich de facto quit his job.

On June 20, Mr. Lukashenka appointed Yury Alymaw, first deputy chairperson of the NBB board, to be acting chairperson.

The 68-year-old Prakapovich took sick leave in early April and had his heart valve replaced in a surgical procedure later that month. He returned to his duties on May 18.

Nine days later, Mr. Lukashenka threatened to dismiss Prime Minister Mikhail Myasnikovich and Mr. Prakapovich if they failed to "stabilize" the situation in the country`s exchange and consumer markets.

Speaking to reporters on June 23, Mr. Lukashenka revealed that Mr. Prakapovich "will not return to the National Bank."

"Both he and the government made mistakes, and I should acknowledge that," he said, commenting on the performance of Mr. Prakapovich.

Mr. Prakapovich will continue working in the interests of the state after he completes his rehabilitation course, he said.

Pyotr Prakapovich was appointed as head of the National Bank in 1998. In January 2011, Mr. Lukashenka extended his term in office until December 31, 2015.

Nadzeya Yermakova was born in 1953 in the village of Razalmaw in the Khotimsk district, Mahilyow region. She graduated from Pinsk Accounting Training School. In 1978, she completed a correspondence course at Belarusian State Institute of National Economy.

Ms. Yermakova served as deputy head of the Shklow District Executive Committee and head of the committee’s finance department between 1984 and 1994.

In January 1996, she was appointed deputy chairperson of the board of Belarusbank and promoted to chairperson later that year.

Ms. Yermakova is a member of the Council of the Republic (upper parliamentary house) where she holds the position of deputy chairperson of the Committee on Economy, Budget and Finance.

Ms. Yermakova has been chairing the Belarusian Women’s Union since 1999.

Under the constitution, her appointment as chairperson of the board of the National Bank has to be approved by the Council of the Republic.