National Bank of the Republic of Abkhazia
|Headquarters||384900, Leona str. 14, Sukhumi|
|Established||February 28, 1991|
|Central bank of||Abkhazia|
|Currency||Russian ruble, Abkhazian Apsar
RUB (ISO 4217)
The National Bank of the Republic of Abkhazia (Abkhaz: Аҧсны Аҳәынҭқарра Амилаҭтә Банк, Russian: Национальный банк Республики Абхазия), also known by the short form of Bank of Abkhazia (Russian: Банк Абхазии) is the central bank of the disputed region and partly recognized state of Abkhazia on the eastern coast of the Black Sea. It was established on February 28, 1991 since the adoption of the laws “On the National Bank of the Abkhaz SSR” and “On Banks and Banking of the Abkhaz SSR” passed by the Supreme Soviet of the Abkhaz SSR on February 28, 1991.
Primary actions of the Bank
Due to the use of the Russian rouble in Abkhazia, the National Bank of Abkhazia exercises little control over the money supply in Abkhazia’s economy and has almost no influence on the value of the Russian currency. Its actions are primarily focused on registering commercial banks and making wholesale loans to them.
Declared functions of the Bank
- To develop and conduct, in cooperation with the Government of the Republic of Abkhazia, the state's monetary policy.
- To implement emissions of cash and arrange for their treatment.
- As creditor of last resort for credit institutions and organize a system of refinancing.
- To establish rules of settlement in the Republic of Abkhazia.
- To establish rules for banking, accounting and reporting for the banking system.
- To implement state registration of credit organisations.
- To grant and revoke licenses of credit institutions and organisations involved in their audit.
- To supervise and monitor the activities of credit organisations.
- To register and issue securities to lending organisations, in accordance with the law.
- To exercise, alone or at the invitation of the Government of the Republic of Abkhazia, varied banking operations needed to meet the major challenges of the Bank of Abkhazia.
- To implement currency regulation, including operations on the buying and selling of foreign currency, by determining the order of settlement with foreign countries.
- To organise and implement exchange controls, in accordance with the laws of the Republic of Abkhazia.
- To organise and carry out measures to prevent the legalization (laundering) of proceeds from crime and terrorism financing.
- To participate in the development of the balance of payments forecast of the Republic of Abkhazia, and organize the balance of payments by the Republic of Abkhazia.
- To conduct, analyze and forecast the economy of the Republic of Abkhazia, especially in the monetary and financial fields, and publish relevant material and statistical data.
Chairmen of the National Bank
On 10 November 2004, during the height of the post-election crisis, President Ardzinba dismissed Boris Zhirov as Chairman of the National Bank and temporarily appointed Vice-Premier Emma Tania in his stead. After Sergei Bagapsh won the January 2005 rerun, the People's Assembly voted to permanently appoint a Chairman. It first voted against the permanent appointment of Tania, before supporting on 10 June the nomination of Illarion Argun, former Chairman of Gagra Bank, with 29 voes in favour, 3 against and 3 abstentions.
|Daur Barganjia||1996||||1998||||Vladislav Ardzinba|
|Boris Zhirov||10 November 2004|||
|Emma Tania||10 November 2004||||10 June 2005||||Acting|
|Illarion Argun||10 June 2005||||29 May 2011||Sergei Bagapsh|
|29 May 2011||1 June 2014||Alexander Ankvab|
|1 June 2014||1 August 2014||Valeri Bganba||Died in office|
- Abkhazia's status is disputed. It considers itself to be an independent state, but this is recognised by only a few other countries. The Georgian government and most of the world's other states consider Abkhazia de jure a part of Georgia's territory. In Georgia's official subdivision it is an autonomous republic, whose government sits in exile in Tbilisi.
- Wilson, Tamsin (March 23, 2005), Assessment of Opportunities for Developing a Microfinance Project in Abkhazia, p. 5. United Nations Development Programme Georgia. Retrieved on April 16, 2008.
- Kuchuberia, Anzhela (10 November 2004). "В.Ардзинба уволил главу Центробанка Абхазии". Caucasian Knot (in Russian). Retrieved 15 April 2011.
- Kuchuberia, Anzhela (10 June 2005). "Избран новый председатель Национального банка Абхазии". Caucasian Knot. Retrieved 20 July 2012.
- "В результате аварии погибли председатель Нацбанка Илларион Аргун и начальник службы безопасности банка Джейран Кирвал". Apsnypress. 1 August 2014. Retrieved 6 August 2014.
- Lakoba, Stanislav. "Кто есть кто в Абхазии". Retrieved 20 January 2012.
- (Abkhaz) National Bank of Abkhazia official site in Abkhazian
- (Russian) National Bank of Abkhazia official site in Russian
- (English) National Bank of Abkhazia official site in English