Bank Rossii

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Central Bank of the Russian Federation
Центральный банк Российской Федерации
CBRF logo.svg
Headquarters Moscow , Russia
founding July 13, 1990
President Elvira Nabiullina
country Russia

Russian ruble

ISO 4217 RUB
Currency reserves US $ 542.0 billion (November 2019)


State Bank of the Russian Empire ,
Gosbank of the Soviet Union

List of central banks

The Bank Rossii ( Russian Банк России ), also known as the Central Bank of the Russian Federation ( Центральный банк Российской Федерации / Zentralny bank Rossijskoi Federazii), is the central bank of Russia based in Moscow .

The tasks and functions of Bank Rossii are described in Article 75 of the Russian Constitution and special Russian federal law. The central bank was founded on July 13, 1990, but is historically and legally the successor to the State Bank of the Russian Empire and the Gosbank of the Soviet Union .

According to the Russian Constitution, the Central Bank is an independent institution; its main task is to stabilize the ruble , the Russian currency . Only the central bank is allowed to produce ruble banknotes and coins. The central bank is located on Neglinnaya Street in Moscow.

From the beginning of 2014 (when the Ukraine crisis had just started in 2014 ) to mid-November 2014, the ruble lost around a quarter of its external value . The Russian central bank raised the key interest rate to 9.5 percent and bought rubles to support the exchange rate (against convertible currency reserves such as US dollars, euros, etc.), but this did not stop the price decline. In November it was announced that the ruble would be freely tradable in future. The Russian foreign exchange reserves shrank by around 20 percent in these months. After a key rate hike to 10.5 percent on December 11th had no effect and instead the external value of the ruble continued to fall rapidly, the key interest rate was raised again to 17 percent on the night of December 15th. Nevertheless, on December 16, 2014, the ruble temporarily lost more than a fifth of its external value .

Development of foreign exchange reserves

Analysts accused the central bank of having accelerated the fall of the ruble itself by printing new money to buy up fresh bonds from the Rosneft group worth around 11 billion dollars, which it placed on the market on December 12, 2014, to cover his debts with the income. Although Rosneft denied having exchanged the money for foreign currencies, according to media reports, the 625 billion rubles that the company had obtained from the sale subsequently appeared in the financial market and contributed to the further devaluation of the Russian currency. The action was seen by observers as a surrender of the independence of the central bank. In the summer of 2017, in a project with the Central Bank of the Russian Federation, a symbol (a green circle with a tick ) was published that marks websites with registered microfinance organizations.

Headquarters of Bank Rossii

Head of the Central Bank

Surname year
Georgi Matyukhin 1990-1992
Viktor Gerashchenko 1992-1994
Tatyana Paramonova 1994-1995
Alexander Chandruev November 8 to November 22, 1995
Sergei Dubinin 1995-1998
Viktor Gerashchenko 1998-2002
Sergei Ignatiev March 20, 2002 to June 23, 2013
Elvira Nabiullina since June 24, 2013

Web links

Commons : Bank Rossii  - Collection of pictures, videos and audio files

Individual evidence

  1. Russia Foreign Exchange Reserves . Accessed on January 28, 2017 (English)
  2. ^ Legal status and tasks of the Russian Central Bank
  3. The economic consequences of the Ukraine crisis for Russia ... ( Memento from November 24, 2014 in the Internet Archive ) (November 21, 2014)
  4. Russia's drastic rate hike fizzles out . In: Zeit Online December 16, 2014 (accessed December 16, 2014).
  5. Benjamin Tribe: " Ruble Expiry: Payday in Russia ." In: of December 16, 2014 (accessed December 17, 2014).
  6. Andrew Kramer: "Russia's Steep Rate Increase Fails to Stem Ruble's Decline" NYT December 16, 2014, viewed December 16, 2014
  7. Bank of Russia to mark microfinance organizations on the Internet | Банк России. Retrieved August 16, 2017 .