Central Bank of Russia

The Central Bank of the Russian Federation (Russian: Центральный банк Российской Федерации Tsentral'nyy bank Rossiyskoy Federatsii) 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,[1] headquartered on Neglinnaya Street in Moscow. Its functions are described in the Russian constitution (Article 75) and in the special Federal Law.

Bank of Russia
Банк России
Headquarters12 Neglinnaya str., Moscow, Russian Federation
Coordinates55°45′47″N 37°37′17″E
Established1860 (1860)
PresidentElvira Nabiullina
Central bank of Russia
CurrencyRussian ruble
RUB (ISO 4217)
Reserves$455.4bn (As of 16 March 2018)
Bank rate7.14%
Interest rate target7.25%
Preceded byState Bank of the USSR (between 1922 and 1991)


Timeline of central banking in Russia
Dates System
17691818 State Assignation Bank
18181860 State Commercial Bank
18601917 State Bank of Russia
19171922 People's Bank of the RSFSR
19221991 State Bank of the USSR
1991present Central Bank of Russia

State Bank of the Russian Empire

The decision to create a State Bank of the Russian Empire was made by Emperor Peter III in May 1762,[3] which was modeled on Bank of England and would have the right to issue bank notes. However, due to the coup on 28 June 1762 and the murder of the Czar, the project was not implemented. The outbreak in 1768 of 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 statutes of the bank. According to the statutes, it was a state-owned bank, intended for short-term credit of trade and industry.

In early 1917 the bank had eleven branches, 133 permanent and five temporary offices and 42 agencies. On 7 November 1917 the Russian State Bank was disestablished and replaced by The People's Bank which existed until the establishment of the Soviet Gosbank.

State Bank of the Soviet Union

The Central Bank of the Russian Federation

The Central Bank of the Russian Federation (Bank of Russia) was established 13 July 1990 as a result of the transformation of the Russian Republican Bank of the State Bank of the USSR. It was accountable to the Supreme Soviet of the RSFSR. On 2 December 1990 the Supreme Soviet of the RSFSR passed the Law on the Central Bank of the Russian Federation (Bank of Russia), according to which the Bank of Russia has become a legal entity, the main bank of the RSFSR and was accountable to the Supreme Soviet of the RSFSR. In June 1991, the charter was adopted by the Bank of Russia. On 20 December 1991 the State Bank of the USSR was abolished and all its assets, liabilities and property in the RSFSR were transferred to the Central Bank of the Russian Federation (Bank of Russia), which was then renamed to the Central Bank of the Russian Federation (Bank of Russia). Since 1992, the Bank of Russia began to buy and sell foreign currency on the foreign exchange market created by it, establish and publish the official exchange rates of foreign currencies against the ruble.

Role and duties

According to the constitution, it is an independent entity, with the primary responsibility of protecting the stability of the national currency, the ruble.[4]

Before 1 September 2013, it was the main regulator of the Russian banking industry, responsible for banking licenses, rules of banking operations and accounting standards, serving as a lender of last resort for credit organizations. After pointed date functions and powers of CBR were significantly expanded and the central bank received the status of a mega-regulator of all financial markets of Russia.[5]

It holds the exclusive right to issue ruble banknotes and coins through the Moscow and St. Petersburg mints, the Goznak mint. The central bank issues commemorative coins made of precious and non-precious metals as well as investment ones made of precious metals, which are distributed inside and outside the country.[6] In 2010 in honor of its 150th anniversary it issued a 5-kilo commemorative gold coin Alexander II.[7]

Under Russian law, half of the bank's profit must be channeled into the government's federal budget. The Central Bank of Russia is a member of the BIS.[8]

The Bank of Russia owns a 57.58% stake in Sberbank, the country's leading commercial bank. The Bank of Russia owns as well 100% stake in Russian National Reinsurance Company (RNRC), biggest national reinsurance company. RNRC was established for prevention possible problems with abroad reinsurance of large risks under International sanctions during the Ukrainian crisis, like constructing the Crimean Bridge.[9]

Anti-fraud activities

In 2017, within the framework of a joint anti-phishing project of the Bank of Russia and search engine Yandex, a special check mark (a green circle with a tick and 'Реестр ЦБ РФ' (Bank of Russia Register) text box) appeared in the search results, informing the consumer that the website is really owned by a legally registered company licensed by the Bank of Russia.[10][11]


Governors of the State Bank

The governor was appointed by the emperor of Russia.

Name (governor) Photo Term of office Appointed by
Start of term End of term
1 Alexander von Stieglitz 10 June 1860 1866 Alexander II
2 Evgeniy Lamanskiy 1866 1881
3 Alexey Tsismen 1881 1889 Alexander III
4 Yuliy Zhukovskiy 1889 1894
5 Eduard Pleske 1894 1903 Nicholas II
6 Sergey Timashev 1903 1909
7 Alexey Konshin 1909 1914
8 Ivan Shipov 1914 1917

Chairman of the board of the USSR State Bank

The chairman was appointed by the Premier of the Soviet Union.

Name (governor) Photo Term of office Appointed by
Start of term End of term
1 Aron Sheinman[12] 1921 1924 Vladimir Lenin
2 Nikolai Tumanov 5 March 1924 16 January 1926 Alexei Rykov
3 Georgy Pyatakov 19 April 1929 18 October 1930
4 Moissei Kalmanovich 18 October 1930 4 April 1934 Vyacheslav Molotov
5 Lev Maryasin 4 April 1934 14 July 1936
6 Solomon Kruglikov 14 July 1936 15 September 1937
7 Alexey Grichmanov 15 September 1937 16 July 1938
8 Nikolai Bulganin 2 October 1938 17 April 1940
9 Nikolai K. Sokolov 17 April 1940 12 October 1940
10 N. Bulganin 12 October 1940 23 May 1945 Joseph Stalin
11 Yakov Golev 23 May 1945 23 March 1948
12 Vasily Popov 23 March 1948 31 March 1958 Georgy Malenkov and Nikolai Bulganin

13 N. Bulganin 31 March 1958 15 August 1958 Nikita Khrushchev
14 Alexander Korovushkin 15 August 1958 14 August 1963
15 Alexey Poskonov 1963 1969 Alexei Kosygin
16 Miefodiy Svieshnikov 1969 1976
17 Vladimir Alkhimov 11 October 1976 10 January 1986 Nikolai Tikhonov
18 Viktor Dementsev 10 January 1986 22 August 1987 Nikolai Ryzhkov
19 Nikolai Garetovsky 22 August 1987 7 June 1989
20 Viktor Gerashchenko 7 June 1989 26 August 1991 Valentin Pavlov
21 Andrei Zverev 26 August 1991 20 December 1991 Ivan Silayev

President of the Central Bank of Russia

President of the Board of Governors of the Central Bank
Elvira Nabiullina

since 24 June 2013
AppointerPresident of Russia
Formation31 May 1860 (1860-05-31)
First holderAlexander von Stieglitz

The President of the Board of Directors of the Central Bank is the head of the central banking system of the Russian Federation. The Head is chosen by the President of Russia; and serves for four-year-terms after appointment. A Head may be appointed for several consecutive terms (Sergey Ignatyev was the Governor of the Central Bank for 11 years, and he was appointed three times, in the longest serving term in post-soviet Russia).

Name (governor) Photo Term of office Appointed by
Start of term End of term
1 Georgy Matyukhin 25 December 1990 16 May 1992 Boris Yeltsin
2 Viktor Gerashchenko 17 July 1992 18 October 1994
3 Tatyana Paramonova 19 October 1994 08 November 1995
4 Alexander Khandruyev 8 November 1995 22 November 1995
5 Sergei Dubinin 22 November 1995 11 September 1998
6 Viktor Gerashchenko 11 September 1998 20 March 2002
7 Sergei Ignatyev 21 March 2002 23 June 2013 Vladimir Putin
9 Elvira Nabiullina 24 June 2013 present


The Central Bank of Russia holds directly significant participatory interests in a number of Russian companies:

Additionally, the Bank of Russia held earlier interests in some other Russian organizations. In particular, after the liquidation of Gosbank (State Bank of the USSR), the CBR beneficially acquired complete or controlling interests in five so-called "Russian Foreign Banks" (until 1991 – "Soviet Foreign Banks"):

All of them were members of the USSR Vneshekonombank system and were transferred to the CBR in 1992 by the Resolution of the Presidium of the Supreme Soviet of Russia. For over five years – 2000 to 2005 – all stocks of the Russian Foreign Banks were being purchased from the Bank of Russia by VTB Bank. As part of the financial support to credit institutions, the Bank of Russia invests in them through the Banking Sector Consolidation Fund and acquires (on a temporary and indirect basis) shares in the equity of such banks. The first project of this kind was Otkritie FC Bank, in summer 2017.


In December 2014, amidst falling global oil prices, Western sanctions over the Ukraine crisis, capital flight, and fears of recession, the bank had increased the one-week minimum auction repo rate up by 6.5 points to 17 percent. This caused a run on the ruble, and on 29 January, the bank decreased the rate by two points to 15 percent.

In January 2015, the head of monetary policy, Ksenia Yudayeva, a proponent of strict anti-inflation policy, was replaced by Dmitry Tulin, who is "seen as more acceptable to bankers, who have called for lower interest rates".[13]

See also


  1. History of the Bank of Russia. 1860–2010. In 2 vols. Ed.: Y. A. Petrov, S. Tatarinov. 2010.
  2. CBR. "Bank of Russia Today:History".
  3. Об учреждении Государственного банка [On the establishment of the State Bank] (in Russian). XV, 1758—1762 , № 11550 (Полное собрание законов Российской империи с 1649 года ed.). СПб.: Типография II отделения Собственной Его Императорского Величества канцелярии. 1830: 1021–1023. Cite journal requires |journal= (help)
  4. Bank of Russia:Banking Legislation
  5. "Elvira Nabiullina: Establishing a mega regulator for the Russian financial sector", Bank for International Settlements : Central bankers' speeches : Speech by Ms Elvira Nabiullina, Governor of the Bank of Russia, at the Federation Council, Moscow, 15 February 2017
  6. "Commemorative Coins – Banknotes and Coins – Bank of Russia". cbr.ru.
  7. "Russia to issue 5 kg gold coin" Archived 23 May 2010 at the Wayback Machine, The Financial Express. 19 May 2010. Accessed 19 May 2010.
  8. "Inside the Risky Bets of Central Banks", The Wall-Street Journal. 12 December 2012
  9. "Putin signed a law establishing a National reinsurance company", World News, Breaking News, 4 July 2016
  10. "Bank of Russia to mark microfinance organisations on the Internet | Банк России". www.cbr.ru. Retrieved 16 August 2017.
  11. "Insurers' websites receive first marks | Банк России". www.cbr.ru. Retrieved 14 February 2018.
  12. "The State Bank of the USSR". Bank of Russia Today. Bank of Russia. Retrieved 26 May 2015.
  13. Jason Bush, Lidia Kelly and Alexander Winning (30 January 2015). "Russian central bank makes surprise interest rate cut". Reuters. Retrieved 31 January 2015.

Further reading

  • Barenboim, Peter (2001). "Constitutional Economics and the Bank of Russia". Fordham Journal of Corporate and Financial Law. 7 (1): 160.
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