Central Bank of the Russian Federation
From open-encyclopedia.com - the free encyclopedia.
Bank of Russia (Russian:Банк России) or The Central Bank of the Russian Federation (Russian: Центральный банк Российской Федерации) is a Central bank of Russia. Its functions are described in Russian constitution (Article 75) and in the special Federal law.
According to constitution Bank of Russia is an independent entity, which primary responsibility is to protect stability of national currency - ruble. It also holds exclusive right to issue ruble banknotes and coins.
Bank of Russia is a regulator of the banking industry. It is responsible for issuing banking licences and setting rules of banking operations and accounting standards. The bank serves as a lender of last resort for credit organisations.
It is responsible for setting official interest rate as well as official currency exchange rate for ruble.
