National Bank of the Republic of Abkhazia

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National Bank of the Republic of Abkhazia
Аҧсны Аҳәынҭқарра Амилаҭтә Банк (Abkhaz)
Национальный банк Республики Абхазия (Russian)
Official logo Front view of the main office on Leon Street
Official logo Front view of the main office on Leon Street
Headquarters 384900, Leona str. 14, Sukhumi
Established February 28, 1991
Chairman Illarion Argun
Central bank of Abkhazia[1]
Currency Russian ruble, Abkhazian Apsar
ISO 4217 Code RUB
Website (English) http://www.nb-ra.org

The National Bank of the Republic of Abkhazia[2] (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.

The Bank's headquarters are located in a constructivist building on Leon Street in Sukhumi, Abkhazia's capital.

Primary actions of the Bank[edit]

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.[3]

Declared functions of the Bank[edit]

  • 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[edit]

On 10 November 2004, during the height of the post-election crisis, President Ardzinba dismissed Boris Zhirob as Chairman of the National Bank and temporarily appointed Vice-Premier Emma Tania in his stead.[4] 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.[5]

# Name From Until President Comments
Daur Barganjia 1996 [6] 1998 [6] Vladislav Ardzinba
Boris Zhirov 10 November 2004 [4]
Emma Tania 10 November 2004 [4] 10 June 2005 [5] Acting
Illarion Argun 10 June 2005 [5] 29 May 2011 Sergei Bagapsh
29 May 2011 Present Alexander Ankvab

See also[edit]

References[edit]

  1. ^ 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.
  2. ^ 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.
  3. ^ 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.
  4. ^ a b c Kuchuberia, Anzhela (10 November 2004). "В.Ардзинба уволил главу Центробанка Абхазии". Caucasian Knot (in Russian). Retrieved 15 April 2011. 
  5. ^ a b c Kuchuberia, Anzhela (10 June 2005). "Избран новый председатель Национального банка Абхазии". Caucasian Knot. Retrieved 20 July 2012. 
  6. ^ a b Lakoba, Stanislav. "Кто есть кто в Абхазии". Retrieved 20 January 2012. 

External links[edit]