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Georgy Matyukhin, first head of Russia's central bank, dies at 91
The Central Bank of Russia announced on Tuesday, September 8, that Georgy Matyukhin, the institution's first head after the dissolution of the Soviet Union, had died at 91. From 1990 to 1992, Matyukhin led the establishment of a two-tier banking system and the restructuring of the banking sector.
Georgy Matyukhin died on September 5, one day before his 92nd birthday. The Central Bank of Russia announced on Tuesday, September 8, that Matyukhin, who served as the institution's first head after the dissolution of the Soviet Union, had died at 91.
Matyukhin was appointed head of the State Bank of the Russian Soviet Federative Socialist Republic in 1990. The central bank described him as an active and responsible official who took office during a critical period.
Matyukhin oversaw the establishment of the Central Bank of Russia during a period shaped by new conditions and remained at its helm until 1992.
He led the transition to a two-tier banking model
Amid severe currency shortages and rapidly rising inflation, Matyukhin helped shape Russia's modern financial sector. Establishing a two-tier banking system was one of his main initiatives during this period.
The model separated the central monetary authority from commercial banking activities. Matyukhin was also remembered for personally signing the 5,000-ruble banknote; the central bank chiefs who succeeded him did not repeat the practice.
Born in Barnaul
Born on September 6, 1934, in Barnaul in the Altai region, Matyukhin began his education in geology. He later graduated from the Moscow State Institute of International Relations in 1961.
After completing his education, Matyukhin worked in the foreign intelligence branch of the Soviet Union's State Security Committee. He served in Uruguay under diplomatic cover and was later expelled from the country along with a group of Soviet spies.
Source: Moscow Times
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