(Reuters] – Russian President Vladimir Putin has proposed that Elvira Nabiullina, Governor of the Central Bank of Russia be nominated for a new term. This was revealed in a document published on Friday on the website of Lower House of Parliament.

According to the document, the Lower House of Parliament (or Duma) will examine the proposal March 21.

Nabiullina (58), an economist and ex-advisor to Putin was appointed surprise in 2013. She is Russia’s first female chair of the central bank.

She will be ending her current term in June. According to the rules, Putin has to nominate her (or another candidate) by March 24,

According to a Reuters survey of analysts, the central bank will likely keep its key interest rates at 20% this Friday. This follows a dramatic emergency rate increase in February that was intended to help financial stability.

Nabiullina will read a monetary statement on Friday at 1200 GMT. This is after the 1030 GMT rate decision.

After the Russian government launched unprecedented sanctions, including a harsh barrage against Russia over its “special military intervention” in Ukraine, the central banking raised the rate by 9.5% to 10.5%.

The central bank requested an independent survey from analysts to forecast inflation at 20% and 8% this year. They also predicted that the key rate of interest would be 18.9% by 2022.

The central bank updated its year-end inflation forecast for February to 5.0-6.0% before the conflict between Russia, Ukraine, and other countries broke out. This was in contrast to earlier expectations that the rate would slow down to 4.0-4.5%.

It had previously predicted that inflation would reach 4% by mid-2023. It has yet to release its latest forecasts.