The Bank of Russia was founded on July 13th, 1990. According to the constitution,it is an independent entity, with the primary responsibility of protecting the stability of the national currency, the ruble.
It holds the exclusive right to issue ruble banknotes and coins through the Moscow and St. Petersburg mints, the Goznakmint. 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. In 2010 in honor of its 150th anniversary it issued a 5-kilo commemorative gold coin Alexander II.
The Bank of Russia owns a 57.58% stake in Sberbank, which creates potential conflicts of interest both in the competitive landscape as well as in the regulatory policy of the Russian banking sector.
In December 2014, amidst falling global oil prices, Western sanctions over the Ukraine crisis, capital flight, and fears of recession, the bank had increased the one-week minimum auction repo rate up by 6.5 points to 17 percent. This caused a run on the rouble, and on January 29, the bank decreased the rate by two points to 15 percent.
In January 2015, the head of monetary policy, Ksenia Yudayeva, a proponent of strict anti-inflation policy, was replaced by Dmitry Tulin, who is "seen as more acceptable to bankers, who have called for lower interest rates".