Bank Rossii
| Headquarters | Moscow , Russia |
| founding | July 13, 1990 |
| President | Elvira Nabiullina |
| country | Russia |
| currency | |
| ISO 4217 | RUB |
| Currency reserves | US $ 542.0 billion (November 2019) |
| Website | |
| predecessor |
State Bank of the Russian Empire , |
| 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 .
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.
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
Individual evidence
- ↑ Russia Foreign Exchange Reserves . tradingeconomics.com. Accessed on January 28, 2017 (English)
- ^ Legal status and tasks of the Russian Central Bank
- ↑ The economic consequences of the Ukraine crisis for Russia ... ( Memento from November 24, 2014 in the Internet Archive ) (November 21, 2014)
- ↑ Russia's drastic rate hike fizzles out . In: Zeit Online December 16, 2014 (accessed December 16, 2014).
- ↑ Benjamin Tribe: " Ruble Expiry: Payday in Russia ." In: Faz.net of December 16, 2014 (accessed December 17, 2014).
- ↑ Andrew Kramer: "Russia's Steep Rate Increase Fails to Stem Ruble's Decline" NYT December 16, 2014, viewed December 16, 2014
- ↑ Bank of Russia to mark microfinance organizations on the Internet | Банк России. Retrieved August 16, 2017 .