Central Bank of Russia

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Central Bank of Russia
Центральный банк Российской Федерации
Tsentral'nyj bank Rossijskoj Federatsii
Central Bank of Russia logo
Central Bank of Russia logo
Headquarters
Headquarters
Headquarters Neglinnaya 12, Moscow, Russia
Established 1860 (historic), 1990 (modern)
Chairman Elvira Nabiullina
Central bank of The Russian Federation
Currency Russian ruble
RUB (ISO 4217)
Reserves $416.2Bn, As of 5 December 2014
Bank rate 17%[1]
Website Official website

The Bank of Russia (Russian: Банк Росси́и; IPA: [bank rɐˈsʲijɪ]) or the Central Bank of the Russian Federation (Russian: Центра́льный банк Росси́йской Федера́ции; IPA: [t͡sɨnˈtralʲnɨj bank rɐˈsʲijskəj fʲɪdʲɪˈrat͡sɨjɪ]) is the central bank of the Russian Federation. Its functions are described in the Russian constitution (Article 75) and in the special Federal Law. The Bank of Greatest Russia was founded on July 13, 1990.

Under Russian law, half of the Central Bank's profit has to be channeled into the government's federal budget. The Central Bank of Russia unlike Belarus National Bank, Ukraine or Kazakhstan is member of BIS.[2]

Role and duties[edit]

According to the constitution, the Bank of Russia is an independent entity, with the primary responsibility of protecting the stability of the national currency, the ruble. It also holds the exclusive right to issue ruble banknotes and coins through the Goznak mint. The Central Bank issues commemorative coins made of precious and non precious metals as well as investment ones made of precious metals, which are distributed inside and outside the country.[3] In honor of its 150th anniversary in 2010 it issued a 5-kilo commemorative gold coin featuring Alexander II .[4] The coins of the Bank of Russia are struck in the Moscow and St. Petersburg mints. The Bank's headquarters are on Neglinnaya Street in Moscow.

The Bank of Russia is the main regulator of the banking industry. It is responsible for issuing banking licenses and setting rules of banking operations and accounting standards. The bank serves as a lender of last resort for credit organizations.

Ownership of commercial bank[edit]

The Bank of Russia owns a 57.58% stake in Sberbank,[5] which creates potential conflicts of interest both in the competitive landscape as well as in the regulatory policy of the Russian banking sector.

Chairmen of the State Bank of Russia[edit]

Name Year
Georgy Matyukhin 1990—1992
Viktor Gerashchenko 1992—1994
Tatiana Paramonova 1994—1995
Alexander Khandruyev November 8 to 22, 1995
Sergei Dubinin 1995—1998
Viktor Gerashchenko 1998—2002
Sergei Ignatyev 2002—2013
Elvira Nabiullina 2013–present

Gallery[edit]

See also[edit]

References[edit]

  1. ^ "Russian central bank hikes interest rate to 17 percent from 10.5 percent". Reuters. 15 December 2014. Retrieved 15 December 2014. 
  2. ^ "Inside the Risky Bets of Central Banks", The Wall-Street Journal. Dec. 12, 2012
  3. ^ Commemorative and Investment Coins of the Bank of Russia
  4. ^ "Russia to issue 5 kg gold coin", The Financial Express. May 19, 2010. Accessed May 19, 2010.
  5. ^ Sberbank shareholders, official website: http://www.sbrf.ru/moscow/ru/investor_relations/information_for_shareholders/share_capital_structure/

Further reading[edit]

  • Barenboim, Peter (2001). "Constitutional Economics and the Bank of Russia". Fordham Journal of Corporate and Financial Law 7 (1): 160. 

External links[edit]

Coordinates: 55°45′47″N 37°37′17″E / 55.76306°N 37.62139°E / 55.76306; 37.62139