The State Central Bank of the Russian Federation is a structure independent of the administrative and executive bodies of state power that performs specific tasks. It ensures the stability of the national currency and is responsible for the development and functioning of the entire banking and payment system of the country.
Instructions
Step 1
The Central Bank of the Russian Federation is the legal successor of the State Bank of the Russian Empire, created back in 1860. Unlike other commercial banks, it did not stop its activities either during the Revolution or during the years of Soviet power. An independent legal entity with its own charter, the Central Bank of the Russian Federation, acting in conjunction with the government of the country, pursues a unified monetary policy on its territory.
Step 2
One of the main tasks facing this structure is to maintain and strengthen the national currency - the ruble. Thanks to the actions of the Central Bank of the Russian Federation, the ruble exchange rate in relation to the exchange rates of other foreign countries has a high degree of stability. Its purchasing power, despite constant fluctuations in the market and political environment, is stable, which has a positive effect on the country's economy, excludes the emergence of rush demand - one of the reasons for hyperinflationary processes. It is the Central Bank of the Russian Federation that sets the current rates, in accordance with which trades are held on currency exchanges. According to the Constitution of the Russian Federation, the Central Bank of the Russian Federation is a monopoly on the issue of banknotes and has the exclusive right to issue the ruble. Accounts of all levels of the country's budgets, to which tax revenues are transferred, are serviced only by the Central Bank.
Step 3
Another important task of the Central Bank is to regulate the activities of the entire banking system of the country. It issues and selects licenses for its implementation, establishes credit rates, rules for settlements and banking operations, organizes a refinancing system for banks, including through the creation of a national netting system. This structure is the custodian of reserve banking funds and the depository for the International Monetary Fund in terms of keeping funds in Russian currency. The Central Bank of the Russian Federation develops and establishes uniform accounting and reporting rules for the entire banking system.
Step 4
The tasks of the Central Bank of the Russian Federation also include ensuring the efficient and uninterrupted functioning of the settlement system, the national payment system of the country. The largest analytical center, which is one of the divisions of the Central Bank of the Russian Federation, collects and processes information, analyzes and forecasts it in order to obtain reliable and timely information about the state of the Russian economy. The activities of this bank are governed by the National Banking Council, the Board of Directors and the Chairman, who is appointed by the State Duma on the proposal of the President of the country.
