Central Bank of Russia: the main bank of the country

Central Bank of Russia(Bank of Russia, Central Bank of the Russian Federation or Central Bank) is the main state bank of the country. Some confuse it with banks: "JSC" RUSSIA » or with . Its difference from other Russian banks is that the Central Bank does not provide financial services to the population and does not lend to private businesses, but is the regulator of the country's financial system.

Together with the government, the Central Bank develops and conducts monetary policy. Among his powers are also the issue of banknotes, the regulation of banks, licensing and revocation of permits.

The Constitution defines the special legal status of the Central Bank, giving it the exclusive right to issue money. According to the same article, the main duty of the Bank of Russia is to ensure a stable exchange rate for the national currency. Also, the activities of this body are regulated by the Federal Law on the Bank of Russia. Among the tasks of the Central Bank prescribed in it is the stability and development of the Russian payment system and the financial market.

A key aspect of the legal status of the Central Bank is independence. This is a separate public law institution, which is not legally an authority. In fact, that is, in terms of its functions, this is precisely the body of power, since it can use measures of state coercion.

History of creation

Historically, the Central Bank of the Russian Federation is the successor to the Central Bank of the RSFSR, established in 1990. Until the end of 1991, this organization existed along with the State Bank of the USSR and was actually in opposition to it. In November 1991, with the collapse of the Soviet Union and the formation of the CIS, the Central Bank of the RSFSR (Bank of Russia) became the only body in the country for state regulation of foreign exchange and monetary activities. He began to carry out the tasks of issuing banknotes, determining the exchange rate of the ruble.

In the early 90s, under the leadership of the Central Bank, a network of commercial banks was formed, which appeared on the basis of previously existing branches of special banks. In addition, the financial regulator changed the system of accounts, cash settlement centers appeared. Since 1992, the Central Bank began to buy and sell currencies, so a legal foreign exchange market appeared in the country. Since that time, the Central Bank has established and determined the official quotations of foreign monetary units against the Russian ruble.

In 1992 - 1995, the Central Bank formed a system of inspection of existing commercial banks and mechanisms for foreign exchange regulation. Being an agent of the Ministry of Finance, the Central Bank organized the state securities market.

In fact, the Central Bank today is the central element of the Russian credit system. It is on its effectiveness and the chosen methods of regulation that the stability and growth of the economy largely depends, especially in crisis situations. This is an intermediary between the state and banks, which, in order to ensure their liquidity, keep part of their money in the cash reserves of the Central Bank.

banking regulation

The Bank of Russia is the regulator of the country's banking system. It supervises banks and decides on their state registration, issues licenses for banking operations, and also suspends and revokes them.

The Bank of Russia also controls, supervises and regulates non-credit financial institutions, which include:

pawnshops;
bureau of credit histories;
professional participants of the securities market;
non-state pension funds;
credit rating agencies and others.

Revocation of licenses from banks

In 2013, the Central Bank began a policy of mass revocation of licenses from banks that seriously violate the law. The policy of the recovery of the Russian banking system was started by Sergei Ignatiev. After taking office as Chairman of the Central Bank on July 24, 2013, Elvira Nabiullina enthusiastically picked up the set course.

Since 2013, banks in Russia have begun to disappear at a rapid pace. For example, if in 2012 22 banking licenses were revoked, in the first half of 2013 - 2, in the second half of 2013 - already 27. The following years are on the rise.

Lists of banks whose licenses were revoked in , years.

Ruble symbol

The function of the Central Bank is to approve the ruble symbol. In 2013, for a month, a public opinion poll was conducted on the official website of the bank. The majority of votes (61%) chose the Russian letter "R" with a horizontal line, on 12/11/2013 the ruble symbol was approved.

Management of the Central Bank

Management is carried out by the Chairman of the Bank of Russia, appointed by the State Duma, the candidate is proposed by the President of Russia. The bank is also managed by the Board of Directors of 14 people appointed by the State Duma. The Board of Directors must meet at least once a month.

At present, the Chairman of the Bank of Russia is. He has been in office since June 24, 2013, replacing Sergei Mikhailovich Ignatiev. Currently, he is a member of the Board of Directors of the bank, holds the position of adviser to the Chairman of the Central Bank.

Nabiullina's activity in her post causes both attacks and rave reviews. In 2015, Euromoney magazine recognized her.

The collegial body of the main bank of the country is the National Financial Council. It consists of 12 people, including the Chairman of the Central Bank of the Russian Federation. Currently, the members of the council are: Minister of Finance Siluanov A.G., Minister of Economic Development Ulyukaev A.V. and others. Participants in the National Financial Council are elected in this way: three are elected by the President of the Russian Federation, three by the Government of the Russian Federation, three more by the State Duma and two by the Federation Council.