CENTRAL BANK OF RUSSIA
Headquarters Neglinnaya 12, Moscow, Russia Established 1860 (historic), 1990 (modern) Chairman Sergei Ignatyev Central bank of The Russian Federation Currency ISO 4217 Code Russian ruble RUB Reserves $521 bn in total Base borrowing rate 8. 25%
The Bank of Russia (Russian: Банк России) or the Central Bank of The Russian Federation (Russian: Центральный банк Российской Федерации) 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, but traced its history to the State Bank of the Russian Empire, which in honor of its 150 th anniversary issued a 5 -kilo commemorative gold coin featuring Alexander II in 2010. Under Russian law, half of the Central Bank's profit has to be channeled into the government's federal budget.
THE CENTRAL BANK ANNUALLY PREPARES A BASIC OUTLINE OF MONETARY AND FINANCIAL POLICY FOR THE FOLLOWING THREE YEARS, WHICH IS SUBMITTED TO THE GOVERNMENT FOR DISCUSSION AND PRESENTED TO THE STATE DUMA. ITS BASIC ASSUMPTIONS ARE CONSISTENT WITH THE GOVERNMENT’S ECONOMIC FORECASTS. THE CENTRAL BANK'S MONETARY POLICY TOOLS ARE LISTED IN THE LAW "ON THE CENTRAL BANK": interest rates on Central Bank operations reserve requirements open market operations refinancing of credit organisations currency interventions setting of money-supply targets direct quantitative restrictions bond issues
REGULATOR 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 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.
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