Georgy Matyukhin, Russia’s First Central Bank Chief, Dies at 91

Sep. 8, 2026 Georgy Matyukhin. wikimedia.org The first governor of Russia’s Central Bank after the fall of the Soviet Union, Georgy Matyukhin, has died at the age of 91. Russia’s Central Bank announced Tuesday that Matyukhin passed away on Saturday, one day ahead of his 92nd birthday. The regulator praised Matyukhin as an “active and responsible leader” who was appointed to lead the State Bank of the Russian Soviet Federative Socialist Republic “during a critical turning point” in 1990. “He oversaw the formation of the Bank of Russia under new conditions, leading it until 1992,” the Central Bank said in a statement. Matyukhin played a key role in the development of modern Russia’s financial sector during severe currency shortages and soaring inflation. Russian business media described one of his main achievements as the establishment of Russia’s two-tiered banking system, with separated central monetary authority from commercial banking operations. Matyukhin is also remembered for personally signing the 5,000-ruble banknote, a gesture that no subsequent Central Bank governor has since repeated. Born in the Altai region city of Barnaul on Sept. 6, 1934, Matyukhin initially trained as a geologist before graduating from the Moscow State Institute of International Relations in 1961. He then worked within the KGB’s foreign intelligence division before being stationed under diplomatic cover in Uruguay, from where he was eventually expelled alongside a group of Soviet spies. Read more about: Central Bank , Obituary Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more News Analysis Does Russia's Economy Have a Debt Problem? Record-high interest rates have led to warnings of a systemic banking crisis in the next 12 months. How realistic is that possibility? 6 Min read Russians Set Record for Transfers to Foreign Brokers Amid Market Uncertainty Despite the Central Bank’s repeated warnings, capital continues to flow outward. 2 Min read Ruble Overtakes Dollar in Russian Export Payments The sharp rise in ruble-based transactions is being driven not by global trust in the Russian currency, but by the expansion of opaque payment systems... 2 Min read Russian Central Bank Holds Key Rate Despite Fears of Economic Slowdown The high lending rates have put increasing pressure on businesses, with top corporate leaders urging the central bank to ease monetary policy. 2 Min read