- 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 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.
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.
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.
- ^ Wilson, Tamsin (March 23, 2005), Assessment of Opportunities for Developing a Microfinance Project in Abkhazia, p. 5. United Nations Development Programme Georgia. Retrieved on April 16, 2008.
- (Abkhaz) National Bank of Abkhazia official site in Abkhazian
- (Russian) National Bank of Abkhazia official site in Russian
- (English) National Bank of Abkhazia official site in English
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