Bank of Russia

The Bank of Russia performs its functions in compliance with the Constitution of the Russian Federation, Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’ and other federal laws. According to Article 75 of the Constitution of the Russian Federation, the principal function of the Bank of Russia is to protect the ruble and ensure its stability. The Bank of Russia is the sole issuer of currency. Pursuant to Article 4 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’, the Bank of Russia performs the following functions: — in collaboration with the federal government it elaborates and implements a single state monetary policy; — in collaboration with the federal government it elaborates and implements the policy towards developing the financial market of the Russian Federation and ensuring its stability; — it is the sole issuer of cash and organiser of cash circulation; — it approves the graphic symbol of the ruble as a sign; — it is the creditor of last resort for credit institutions and it organises the credit institution refinance system; — it sets the settlement rules in the Russian Federation; — it exercises supervision and oversight of the national payment system; — it sets the rules for conducting banking operations; — it services budget accounts of all levels of the Russian budget system, unless the federal laws stipulate otherwise, by effecting settlements at the instruction of the authorised bodies of executive power and government extra-budgetary funds, which are assigned the task of organising the execution of and executing the budgets; — it efficiently manages the Bank of Russia international reserves; — it takes the decision on the state registration of credit institutions, issues banking licences to credit institutions and suspends and revokes them; — it takes decisions on the state registration of non-governmental pension funds; — it supervises the activities of credit institutions and banking groups; — it exercises regulation, control and supervision over the activities of non-credit financial institutions in compliance with federal laws; — it registers securities issues and prospectuses and registers reports on the results of securities issues; — it exercises control and supervision over the compliance by issuers with the requirements of federal legislation on joint-stock companies and securities; — it exercises regulation, control and supervision over corporate governance in joint-stock companies; — it conducts independently or at the instruction of the Russian Government all types of banking operations and other transactions necessary for the performance of Bank of Russia functions; — it organises and exercises foreign exchange regulation and foreign exchange control pursuant to federal legislation; — it sets the procedure for effecting settlements with international organisations, foreign states and legal entities and private individuals; — it approves industry accounting standards for credit institutions, the Bank of Russia, and non-credit financial institutions, the chart of accounts for credit institutions and the procedure for its application, the chart of accounts for the Bank of Russia and the procedure for its application; — it sets and publishes official exchange rates of foreign currencies against the ruble; — it takes part in the compiling of Russia’s balance of payments forecast and organises the compiling of Russia’s balance of payments; — it takes part in the development of the methodology for compiling Russia’s financial account within the national account system and organises the compiling of Russia’s financial account; — it keeps official statistical records of direct investments to and from Russia in compliance with federal legislation; — it establishes independently the statistical methodology of direct investments to and from Russia, the list of respondents, approves the procedure for their submitting of primary statistical data on direct investments, including the methods of federal statistical review; — it analyses and makes forecasts for the situation in the Russian economy and publishes the corresponding materials and statistical data; — it pays compensation for household deposits with bankrupt banks uncovered by the compulsory deposit insurance system in the cases and according to the procedure established by the federal law; — it is the depository of the IMF funds in the Russian currency and it conducts operations and transactions provided by the Articles of Agreement of the International Monetary Fund and the agreements with the International Monetary Fund; — it exercises control over the compliance with the requirements of federal legislation on countering the illegal use of insider information and market manipulation; — it protects the rights and legitimate interests of shareholders and investors in the financial markets, insurers, insured persons, and beneficiaries recognised as such in accordance with the insurance legislation, and also insured persons in the system of compulsory pension insurance, depositors and participants of a non-governmental pension fund in the system of non-governmental pension insurance; — it performs other functions in compliance with federal laws.