National Bank of the Republic of Abkhazia


National Bank of the Republic of Abkhazia
National Bank of the Republic of Abkhazia
Аҧсны Аҳәынҭқарра Амилаҭтә Банк (Abkhaz)
Национальный банк Республики Абхазия (Russian)
Official logo Front view of the main office on Leon Street
Official logo Front view of the main office on Leon Street
Headquarters 384900, Leona str. 14, Sukhumi
Established February 28, 1991
Chairman Illarion Argun
Currency Russian ruble, Abkhazian Apsar
ISO 4217 Code RUB
Website (English) http://www.nb-ra.org

The National Bank of the Republic of Abkhazia (The Bank of Abkhazia) (Abkhaz: Аҧсны Аҳәынҭқарра Амилаҭтә Банк, Russian: Национальный банк Республики Абхазия), also known by the short form of Bank of Abkhazia (Russian: Банк Абхазии) is the central bank of the Republic of Abkhazia. It was established on February 28, 1991 since the adoption of the laws “On the National Bank of the Abkhaz SSR” and “On Banks and Banking of the Abkhaz SSR” passed by the Supreme Soviet of the Abkhaz SSR on February 28, 1991.

The Bank's headquarters are located in a constructivist building on Leon Street in Sukhumi, Abkhazia's capital.

Contents

Primary actions of the Bank

Due to the use of the Russian rouble in Abkhazia, the National Bank of Abkhazia exercises little control over the money supply in Abkhazia’s economy and has almost no influence on the value of the Russian currency. Its actions are primarily focused on registering commercial banks and making wholesale loans to them.[1]

Declared functions of the Bank

  • To develop and conduct, in cooperation with the Government of the Republic of Abkhazia, the state's monetary policy.
  • To implement emissions of cash and arrange for their treatment.
  • As creditor of last resort for credit institutions and organize a system of refinancing.
  • To establish rules of settlement in the Republic of Abkhazia.
  • To establish rules for banking, accounting and reporting for the banking system.
  • To implement state registration of credit organisations.
  • To grant and revoke licenses of credit institutions and organisations involved in their audit.
  • To supervise and monitor the activities of credit organisations.
  • To register and issue securities to lending organisations, in accordance with the law.
  • To exercise, alone or at the invitation of the Government of the Republic of Abkhazia, varied banking operations needed to meet the major challenges of the Bank of Abkhazia.
  • To implement currency regulation, including operations on the buying and selling of foreign currency, by determining the order of settlement with foreign countries.
  • To organise and implement exchange controls, in accordance with the laws of the Republic of Abkhazia.
  • To organise and carry out measures to prevent the legalization (laundering) of proceeds from crime and terrorism financing.
  • To participate in the development of the balance of payments forecast of the Republic of Abkhazia, and organize the balance of payments by the Republic of Abkhazia.
  • To conduct, analyze and forecast the economy of the Republic of Abkhazia, especially in the monetary and financial fields, and publish relevant material and statistical data.

See also

References

External links


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