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Central Bank of the Russian Federation

Bank of Russia
Банк России
CBRF.png
Headquarters 12 Neglinnaya str., Moscow, Russian Federation
Coordinates 55°45′47″N 37°37′14″E / 55.76303°N 37.62056°E / 55.76303; 37.62056
Established 1860 (1860)
President Elvira Nabiullina
Central bank of  Russia
Currency Russian ruble
RUB (ISO 4217)
Reserves $397.3 B, As of 1 March 2017
Bank rate 9.75%
Preceded by State Bank of the USSR (between 1922-1991)
Website cbr.ru
President of the Board of Governors of the Central Bank
NabiullinaElvira.jpg
Incumbent
Elvira Nabiullina

since June 24, 2013
Appointer President of Russia
Formation May 31, 1860; 156 years ago (1860-05-31)
First holder Alexander von Stieglitz
Website Bios

The Central Bank of the Russian Federation also known as the Bank of Russia (Russian: Банк России Bank Rossii) is the central bank of the Russian Federation, founded in 1860 as The State Bank of the Russian Empire, headquartered on Neglinnaya Street in Moscow. Its functions are described in the Russian constitution (Article 75) and in the special Federal Law.

The decision to create a State Bank of the Russian Empire was made by Emperor Peter III on May 1762, which was modeled on Bank of England and would have the right to issue bank notes. However, due to the coup on June 28, 1762 and the murder of the Czar, the project was implemented. The outbreak in 1768 the Russian-Turkish War and deficit of the state budget forced Catherine II, in turn, refer to the idea of issuing a paper money, and in December 1768 she formed the State Assignation Bank, which existed until 1818 and was replaced by the State Commercial Bank, but the first central banking body in Russia was established on 12 June [O.S. 31 May] 1860 as The State Bank (GosBank) of the Russian Empire (Russian: Государственный банк Российской Империи) which was formed on the base of the State Commercial Bank by ukaz of Emperor Alexander II. This ukaz also ratified the Statues of the bank. According to the Statute, it was a state-owned bank, intended for short-term credit of trade and industry.


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