Central Bank of Russia
The Central Bank of Russia
is the central bank
of the Russian Federation. The bank was founded in July of 1990, and was declared a legal financial entity later that year. The headquarters of the bank are in Moscow, Russia. The Central Bank of Russia is independent from the federal and local governments. The State Duma chooses the Chairman of the Bank of Russia, and the bank is accountable to the State Duma as well.
The Central Bank of Russia has several responsibilities in compliance with the Russian Constitution and Federal Law. The bank is the sole issuer of the Russian currency the ruble, and is also responsible for maintaining the value and the stability of the currency
and for the currency circulation. The Bank of Russia is also responsible for planning and implementing the country’s monetary policy, working along with the Russian Government. Another important duty of the bank is to oversee the Russian financial institutions and to issue/suspend banking licenses. The bank also designs the banking industry rules (how to carry out banking operations, payment settlement rules, etc.).
The Central Bank of Russia acts as a lender of last resort for Russian financial institutions, ensuring they have enough liquidity in times of financial crisis. The bank also manages the Russian foreign reserves and is responsible for foreign exchange regulation. The Central Bank of Russia also produces various analyses, reports and projections about the Russian economy, and its interrelation with the country’s monetary policy.
The Central Bank of Russia acting on behalf of the Ministry of Finance, helped establish the Russian Government Securities Market. The bank sets the short-term interest rates in Russia, which is one of the main instruments in implementing its monetary policy
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