Bank of Russia refers to the central bank of the Russian Federation, which holds the authority to carry out the country's monetary policy and ensure financial stability within the nation. Established in 1860, the Bank of Russia assumes a crucial role in controlling and regulating the banking industry, managing the circulation of currency, and supervising the operation of other financial institutions in Russia.
The primary objectives of the Bank of Russia include maintaining price stability and the value of the national currency, protecting the rights and interests of consumers in financial markets, and contributing to the stability and development of the country's financial system. It also functions as the lender of last resort, providing loans and liquidity to banks and other financial organizations during periods of financial stress.
The Bank of Russia is responsible for issuing and withdrawing currency, implementing monetary policy measures like setting interest rates, and conducting foreign exchange operations. It also plays a pivotal role in supervising and regulating the banking sector, ensuring compliance with financial regulations, and safeguarding the stability of the financial system.
Furthermore, the Bank of Russia acts as a financial advisor to the government, participating in the development and implementation of macroeconomic policies. It publishes economic statistics, reports, and forecasts, providing valuable insights into the national economy.
Overall, the Bank of Russia's primary functions encompass monetary policy implementation, currency issuance, financial supervision, and maintaining financial stability within the Russian Federation.
