Central Bank of Russia
Headquarters | 12 Neglinnaya str., Moscow, Russian Federation |
---|---|
Coordinates | 55°45′47″N 37°37′17″E / 55.76306°N 37.62139°E |
Established | July 13, 1990 December 25, 1991 (current name) | (Bank of RSFSR)
President | Elvira Nabiullina |
Central bank of | Russia[1] |
Currency | Russian ruble RUB (ISO 4217) |
Reserves | 608.2 billion USD (As of 9 April 2022[update])[2] |
Reserve requirements | International Reserves |
Bank rate | 16.0% [3] |
Preceded by | State Bank of the USSR (between 1922 and 1991) |
Website | cbr.ru/eng |
The Central Bank of the Russian Federation (Russian: Центральный банк Российской Федерации), which brands itself as Bank of Russia (Russian: Банк России)[4][5] and is also commonly referred to in English as the Central Bank of Russia (CBR),[6][7][8] is the central bank of the Russian Federation. The bank was established on July 13, 1990.[8] It claims the legacy of the State Bank of the Russian Empire (1860-1920) and of the Soviet Gosbank (1921-1992), even though both institutions covered a significant larger territorial scope.[9]
The bank is headquartered on Neglinnaya Street in Moscow. Its functions are described in the Constitution of Russia (Article 75)[10] and in federal law.[citation needed]
History
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The Central Bank of the Russian Federation (Bank of Russia) was established 13 July 1990 as a result of the transformation of the Russian Republican Bank[
Role and duties
According to the constitution, it is an independent entity, with the primary responsibility of protecting the stability of the national currency, the ruble.[12]
Before 1 September 2013, it was the main
It holds the exclusive right to issue ruble
Under Russian law, half of the bank's profit must be channeled into the government's federal budget. The Central Bank of Russia is a member of the BIS.[16]
The Bank of Russia owns a 57.58% stake in Sberbank, the country's leading commercial bank. The Bank of Russia owns as well 100% stake in
Anti-fraud activities
A key prospective witness in improper financial affairs was Lyubov Tarasova (Russian: Любовь Тарасова) who was a senior auditor for the Central Bank of Russia and worked for the "Unicom" (Russian: "Юникон") auditing firm which had been established on 20 August 1991 and was responsible for "checking the correctness of the documentation and the essence of business transactions that are in doubt" (Russian: "проверка правильности документального оформления и сущности хозяйственных операций, вызывающих сомнение"), but was stabbed to death in her apartment in Moscow on 15-16 October 1997.[18][19][20]
In 2017, within the framework of a joint anti-phishing project of the Bank of Russia and search engine Yandex, a special check mark (a green circle with a tick and 'Реестр ЦБ РФ' (Bank of Russia Register) text box) appeared in the search results, informing the consumer that the website is really owned by a legally registered company licensed by the Bank of Russia.[21][22]
Chairmen
The President of the Board of Directors of the Central Bank is the head of the
№ | Name (governor) | Photo | Term of office | Appointed by | |
---|---|---|---|---|---|
Start of term | End of term | ||||
1 | Georgy Matyukhin | 25 December 1990 | 16 May 1992 | Boris Yeltsin | |
2 | Viktor Gerashchenko | 17 July 1992 | 18 October 1994 | ||
3 | Tatyana Paramonova | 19 October 1994 | 8 November 1995 | ||
4 | Alexander Khandruyev | 8 November 1995 | 22 November 1995 | ||
5 | Sergei Dubinin | 22 November 1995 | 11 September 1998 | ||
6 | Viktor Gerashchenko | 11 September 1998 | 20 March 2002 | ||
7 | Sergei Ignatyev
|
21 March 2002 | 23 June 2013 | Vladimir Putin | |
9 | Elvira Nabiullina | 24 June 2013 | present |
Subsidiaries
The Central Bank of Russia holds directly significant participatory interests in a number of Russian companies:
- Sberbank of Russia(50%+1 voting share of the stock);
- Moscow Exchange (11.779% of the stock);
- Russian National Reinsurance Company (100% of the stock);
- Trust company of the Banking Sector Consolidation Fund (100% of the stock);
- Rosincas (Russian Association of Cash-in-transit).
Additionally, the Bank of Russia held earlier interests in some other Russian organizations. In particular, after the liquidation of Gosbank (State Bank of the USSR), the CBR beneficially acquired complete or controlling interests in five so-called "Russian Foreign Banks" (until 1991 – "Soviet Foreign Banks"):
- VTB Bank (99.99% of the stock – until 2002, now - 60.9% owned by The Federal Agency for State Property Management (Rosimushchestvo) );
- Donau Bank AG, Vienna;
- East-West United Bank, Luxemburg;
- Eurobank, Paris;
- Moscow Narodny Bank, London;
- Ost-West Handelsbank, Frankfurt am Main.
All of them were members of the USSR
Politics
In December 2014, amidst falling global oil prices, international sanctions during the Russo-Ukrainian War, 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 ruble, and on 29 January, 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".[27]
In response to the
Sanctions also included asset freezes on the Russian Central Bank,[32] which holds $630 billion in foreign-exchange reserves,[33] to prevent it from offsetting the impact of sanctions.[34] On 5 May 2022, President of the European Council Charles Michel said: "I am absolutely convinced that this is extremely important not only to freeze assets but also to make possible to confiscate it, to make it available for the rebuilding" of Ukraine.[35]
See also
Notes
- ^ In 1998, "Northern Alliance" (Russian: «Северный Альянс») associated with Saint Petersburg included directors and shareholders of Tokobank (Russian: Токобанк) including Sudhir Gupta, owner of Amtel Tire Holding and controlled Yunicbank (Russian: Юникбанк), whose August 1998 head of the supervisory board was Stepan Kovalchuk (Russian: Степан Ковальчук), the chairman of the board of Flamingo Bank (Russian: банк «Фламинг»). Stepan Kovalchuk is a grand-nephew of Yuri Kovalchuk.[24][25][26]
References
- ^ Weidner, Jan (20 April 2017). "The Organisation and Structure ofCentral Banks" (pdf). portal.dnb.de. Darmstadt: Technische Universität Darmstadt. p. 296. Retrieved 21 December 2021.
- ^ Central Bank of The Russian Federation. "International Reserves of the Russian Federation (End of period)". Retrieved 1 March 2022.
- ^ "The Central Bank of Russian Federation | Bank of Russia". www.cbr.ru.
- ^ "About Bank of Russia | Bank of Russia". cbr.ru. Retrieved 28 May 2022.
- ^ "О Банке России | Банк России". cbr.ru. Retrieved 28 May 2022.
- ^ "Constitution of the Russian Federation". Government of the Russian Federation archive.government.ru. Retrieved 28 May 2022.
- ^ "Конституция Российской Федерации / Constitution of the Russian Federation (in Russian)". Government of the Russian Federation archive.government.ru. Retrieved 28 May 2022.
- ^ a b "Federal Register / Vol. 87, No. 42 / Thursday, March 3, 2022 / Notices" (PDF). United States Department of the Treasury. 3 March 2022. Retrieved 27 May 2022.
- ^ History of the Bank of Russia. 1860–2010. In 2 vols. Ed.: Y. A. Petrov, S. Tatarinov. 2010.
- ^ "Constitution of the Russian Federation". Government of the Russian Federation archive.government.ru. Retrieved 28 May 2022.
- ^ "Рейтинг банков | Банки.ру". Banki.ru. Retrieved 3 January 2020.
- ^ "Banking Legislation". Bank of Russia. Archived from the original on 17 October 2017.
- ^ "Elvira Nabiullina: Establishing a mega regulator for the Russian financial sector", Bank for International Settlements : Central bankers' speeches : Speech by Ms Elvira Nabiullina, Governor of the Bank of Russia, at the Federation Council, Moscow, 15 February 2017.
- ^ "Commemorative Coins – Banknotes and Coins – Bank of Russia". cbr.ru.
- ^ "Russia to issue 5 kg gold coin" Archived 23 May 2010 at the Wayback Machine, The Financial Express. 19 May 2010. Accessed 19 May 2010.
- ^ Hilsenrath, Jon; Blackstone, Brian (12 December 2012). "Inside the Risky Bets of Central Banks". wsj.com. The Wall Street Journal. Retrieved 21 December 2021.
- ^ "Putin signed a law establishing a National reinsurance company" Archived 27 May 2020 at the Wayback Machine, World News, Breaking News, 4 July 2016.
- ^ "Arthur Christy. Inkombank lawyer former US Attorney: US lawyers hired as spin doctors for Russian mob". US-Russia Press Club. 30 April 1999. Archived from the original on 1 July 2007. Retrieved 10 April 2021 – via russianlaw.org.
- ^ "Убили аудитора: Убит хранитель тайн Центробанка" [The auditor was killed: Keeper of secrets of the Central Bank killed]. Kommersant (in Russian). 18 October 1997. Retrieved 8 April 2021.
- ^ "били аудитора: Кого проверяла Любовь Тарасова" [The auditor was killed: Whom Lyubov Tarasova checked]. Kommersant (in Russian). 18 October 1997. Retrieved 10 April 2021.
- ^ "Bank of Russia to mark microfinance organisations on the Internet | Банк России". www.cbr.ru. Retrieved 16 August 2017.
- ^ "Insurers' websites receive first marks | Банк России". www.cbr.ru. Retrieved 14 February 2018.
- ^ Овчинников, О. (Ovchinnikov, O.) (8 November 2000). "ЦБ - центральный Банд ..." [Central Bank - Central Gang ...]. Compromat.ru (in Russian). Retrieved 10 April 2021.
{{cite news}}
: CS1 maint: multiple names: authors list (link) - ^ a b ""Дочерние" российские зарубежные банки и сеть ВТБ: доли ЦБ, ВТБ и др" [Russian Foreign "Daughter" Banks and the VTB Network: stakes held by Central Bank, VTB, others]. compromat.ru. February 2005. Retrieved 15 July 2021.
- ^ a b Бирман, Александр (Birman, Alexander) (21 February 2005). "В советских сетях: Нефтедоллары пойдут по проверенным каналам загранбанков" [In Soviet networks: Oil dollars will go through proven channels of foreign banks]. Компании Деловой Еженедельник (ko.ru). Archived from the original on 13 March 2005. Retrieved 15 July 2021.
{{cite news}}
: CS1 maint: multiple names: authors list (link) - ^ Рубин, Михаил (Rubin, Mikhail); Баданин, Роман (Badanin, Roman) (28 November 2018). "Телега из Кремля. Рассказ о том, как власти превратили Telegram в телевизор" [A cart from the Kremlin. The story of how the authorities turned Telegram into a TV]. Проект (proekt.media) (in Russian). Retrieved 15 July 2021.
{{cite news}}
: CS1 maint: multiple names: authors list (link) - ^ Jason Bush, Lidia Kelly and Alexander Winning (30 January 2015). "Russian central bank makes surprise interest rate cut". Reuters. Archived from the original on 30 January 2015. Retrieved 31 January 2015.
- ^ "Fact Sheet: United States Imposes First Tranche of Swift and Severe Costs on Russia". The White House. 22 February 2022. Retrieved 23 February 2022.
- ^ "IMF approves $1.4 billion Ukraine aid and BIS suspends Russia". Central Banking. 10 March 2022.
- ^ Lomax, Securities Finance Times reporter Jenna (2 March 2022). "DTCC blocks Russian securities from Bank of Russia". www.securitiesfinancetimes.com.
- ISSN 0362-4331. Retrieved 27 May 2022.
- ^ Kirschenbaum, J. (16 May 2022). "Now is not the time to confiscate Russia's central bank reserves". Bruegel.
- ^ Davidson, Kate; Weaver, Aubree Eliza (28 February 2022). "The West declares economic war on Russia". Politico. Archived from the original on 1 March 2022.
- ^ Pop, Valentina (25 February 2022). "EU leaders agree more Russia sanctions, but save some for later". Financial Times. Archived from the original on 26 February 2022.
- ^ "Germany open to Russian Central Bank asset seizure to finance Ukraine's recovery". Euractiv. 17 May 2022.
Further reading
- Barenboim, Peter (2001). "Constitutional Economics and the Bank of Russia". Fordham Journal of Corporate and Financial Law. 7 (1): 160.
External links
- Bank of Russia (in Russian and English)
- (in Russian) Creation of the State Bank of the Russian Empire
- (in Russian) State Bank of the Russian Empire at the site of the Central Bank of the Russian Federation
- (in English) State Bank of the Russian Empire at the site of the Central Bank of the Russian Federation