Bank of Russia Today

Legal Status

Article 75 of the Constitution of the Russian Federation establishes a special legal status of the Bank of Russia, gives it the exclusive right to issue currency (Part 1) and protect the ruble and ensure its stability, which is the main function of the Bank of Russia (Part 2). The status, purposes, functions and powers of the Bank of Russia are also spelled out in Federal Law No. 86-FZ, dated July 10, 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’, and other federal laws.

According to Article 3 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’, the goals of the Bank of Russia are to protect the ruble and ensure its stability, promote the development and strengthen the Russian banking system, ensure the stability and development of the national payment system, develop the financial market of the Russian Federation and ensure its stability.

In accordance with Article 34.1 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’, the main objective of the Bank of Russia’s monetary policy is to protect the ruble and ensure its stability by maintaining price stability. The stability of the national currency means the preservation of its buying capacity through sustainably low inflation rather than a fixed exchange rate against other currencies. When inflation is low, the volume of goods and services which can be bought for the same amount of rubles changes only insignificantly over a long period of time. This bolsters the confidence of households and businesses in the national currency and creates favourable environment for Russian economic growth.

Organisational Structure

Board of Directors

The Board of Directors shall be comprised of the Bank of Russia Chairman and 14 Board members. Members of the Board of Directors shall work in the Bank of Russia on a full- time basis. Members of the Board of Directors shall be appointed by the State Duma for a term of five years at the proposal of the Bank of Russia Chairman, with the agreement of the Russian Federation President.

Elvira Nabiullina

Governor of the Bank of Russia

Olga Skorobogatova

First Deputy Governor of the Bank of Russia

Dmitry Tulin

First Deputy Governor of the Bank of Russia

Sergey Shvetsov

First Deputy Governor of the Bank of Russia

Ksenia Yudaeva

First Deputy Governor of the Bank of Russia

Ruslan Vesterovskiy

Deputy Governor of the Bank of Russia

Vasily Pozdyshev

Deputy Governor of the Bank of Russia

Olga Polyakova

Deputy Governor of the Bank of Russia

Dmitry Skobelkin

Deputy Governor of the Bank of Russia

Vladimir Chistyukhin

Deputy Governor of the Bank of Russia

Alexey Guznov

Director of the Legal Department of the Bank of Russia

Mikhail Mamuta

Head of the Service for Consumer Protection and Financial Inclusion of the Bank of Russia

Nadezhda Ivanova

Head of the Bank of Russia Main Branch for the Central Federal District

Sergey Ignatiev

Adviser to the Governor of the Bank of Russia

Alexey Simanovskiy

Adviser to the Governor of the Bank of Russia

National Financial Board

The National Financial Board shall be a collegiate body of the Bank of Russia. The National Financial Board shall be comprised of 12 members, of whom two shall be delegated by the Federation Council of the Federal Assembly of the Russian Federation from Federation Council members, three by the State Duma from State Duma deputies, three by the Russian Federation President and three by the Russian Federation Government. The National Financial Board shall also include the Bank of Russia Chairman.

× Закрыть