BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Central Bank of the Russian Federation Central Bank of the Russian Federation The Central Bank of the Russian Federation (Bank of Russia, Центральный банк Российской Федерации) was founded on July 13, 1990, on the basis of the Russian Republic Bank of the State Bank of the USSR. Accountable to the Supreme Soviet of the RSFSR, it was originally called the State Bank of the RSFSR. The Bank of Russia monetary policy was designed to maintain financial stability and create conditions conducive to sustainable economic growth.   In 1992-1995, to maintain stability of the banking system, the Bank of Russia set up a system of supervision and inspection of commercial banks and a system of foreign exchange regulation and foreign exchange control. As the agent of the Ministry of Finance, it organised the government securities market, known as the GKO market, and began to participate in its operations. The Bank of Russia promptly reacted to any change in the real demand for money and took steps to stimulate positive economic dynamics, cut interest rates, damp down inflationary expectations and slow the inflation rate. As a result, the ruble gained somewhat in real terms and financial market stability increased. The efforts made by the Bank of Russia with regard to the payment system were designed to increase its reliability and efficiency for financial and economic stability. To make the Russian payment system more transparent, the Bank of Russia introduced reports on payments by credit institutions and its own regional branches, which took into account international experience, methodology and practice of surveillance over payment systems. The principal goals of banking sector development are as follows:   increasing the protection of interests of depositors and other creditors of banks;   enhancing the effectiveness of the banking sector’s activity in accumulating household and enterprise sector funds and transforming them into loans and investments;   making Russian credit institutions more competitive;   preventing the use of credit institutions in dishonest commercial practices and illegal activities, especially the financing of terrorism and money laundering;   promoting the development of the competitive environment and ensuring the transparency of credit institutions; and   building up investor, creditor and depositor confidence in the banking sector. In achieving the objectives above, the Bank commits itself to providing effective support functions through a sound banking and financial control system, appropriate information system and the development of competent and qualified staff.   Central Bank of the Russian Federation HQ Address: 12 Neglinnaya Street Moscow 107016 Russia Tel: +7 495 771 9100 Fax: +7 495 621 64 65 Website: www.cbr.ru Swift Code: CBRFRUMM Currency: Rouble Banking Hours: Monday - Friday : 9.30am - 5.30pm   The Central Bank of the Russian Federation accepts that the credibility of its policy and actions is a prerequisite for the attainment of its goals and that such credibility can only be achieved and maintained through independent action, firmness of principle, resoluteness and fixed intent. DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved