The Central Bank of the Russian Federation is a private or public organization. Who does the Central Bank of the Russian Federation actually report to?

We often hear that the Central Bank cancels licenses and issues new ones, regulates the insurance industry, and issues funds. One gets the impression that the Central Bank is a government agency representing the interests of the state. The functions of the Central Bank allow us to call it the main monetary regulator supervising the banking structure.

For commercial banks, the Central Bank is the final authority, on whose decision the fate of the financial structure depends. The history of the Central Bank begins in 1990, when a new structure formed replaced the work of the State Bank of the USSR, however, the operating principles are seriously different from those of the abolished structure.

Range of tasks of the Central Bank of the Russian Federation

The work of the Central Bank is aimed at the development of the Russian banking sector. The original goals of protecting the efficiency of the country's payment system and maintaining the stability of the ruble have changed little.

Based on the targets, the tasks of the Central Bank are:

Organization of emission with the implementation of a monopoly on printing the money supply (as established by the Constitution in Article 75).
Performing the functions of a government bank (with settlement operations, lending, support of government programs in the economic sphere).
Storage of gold and currency reserves.
Mediation in any non-cash transactions as the main settlement center of the country.

The key reference point is banking institutions, among which primacy and importance are given to the Central Bank.

The Central Bank positions itself as a bank for banks, aimed primarily at working with commercial banks in Russia:

storage of bank reserves within the limits established by the state;
control of the work of other banking organizations;
bank lending.

The terms of reference include regulating the Russian economic sphere through monetary policy.

While performing important tasks, the Central Bank does not prioritize commercial goals to increase its own income.

Who owns the Central Bank

When it was created, the Central Bank received a special status with its powers regulated by special act No. 86-FZ.

From a legal point of view, the Central Bank cannot be classified as state property. It is impossible to officially call this institution a state body, because before the law the Central Bank is an ordinary legal entity with hired employees. However, the tasks and goals carried out classify it as a state institution, since the function of state coercion is provided.

To figure out who owns the Central Bank, let’s turn to the authorized capital and property - it is owned by the state. On the other hand, the right to dispose of gold and foreign exchange reserves and property belongs to the Central Bank.
The range of financial obligations is delimited: the bank is responsible for its own obligations, but not the state. From a legal point of view, Russia may become bankrupt in a situation where the country's gold and foreign currency reserves are in the bowels of the Central Bank. This makes the state dependent on the Central Bank. At the same time, the bank pays its own expenses and does not depend on Russia. After 2014, in accordance with the law signed by the Russian president, the Central Bank began to allocate 75% of the income remaining after paying tax deductions to the country’s budget.

There is a close relationship between the Central Bank as the financial regulator of the country and the state itself, but the degree of actual and legal dependence varies.

Who controls

The process of appointment to the post of Chairman of the Central Bank is regulated by the Constitution (Article 83). The State Duma is receiving proposals from the President of Russia regarding candidates for this post. Both appointment and removal from office are approved by the State Duma on the initiative of the president. In 2013, Nabiullina Elvira was appointed to this post, and since then there have been no changes.

Law No. 15-FZ provides clear regulations on the management structure of the Central Bank, consisting of a board of directors and its head. 14 members of the Council are appointed by decision of the State Duma, which considered the candidates proposed by the chairman of the Central Bank and the president. Positions are appointed for a period of 5 years, during which the Council carries out regular work on the management of the Central Bank.

A closer study shows that despite the appearance of control, it is, in fact, not observed on the part of the authorities. The current law on the Central Bank is such that this institution is not responsible to the state and is not under its control:

The Central Bank is a separate legal entity that exists separately from the state.
The structure is vested with the authority to issue and control the money supply.
In order to dispose of gold and foreign exchange reserves, the state must agree on this issue with the Central Bank. The situation is similar with bank property.
The obligations of the Central Bank and the Russian Federation are differentiated, each is responsible only for its own debts.
Control of exchange rates is vested in the powers of the Central Bank, without the need for coordination with the government.
Legally, the Central Bank acts separately from the state, protecting its interests in international courts.
The Central Bank has the right to indicate to government agencies the need for certain actions. In addition to government agencies, he has the right to give the same instructions to other legal entities and citizens of the Russian Federation.
The Central Bank does not provide loans to the Russian government, but is able to lend to other countries.

In conclusion, it is worth noting that neither the decrees of the President, the Ministry of Finance, nor the legislative acts of the State Duma apply to the work of the Central Bank. Despite participation in the appointment of the position, the president and the government cannot dismiss the chairman. The conditional existence of such a right is from a legal point of view impossible within the validity period of the previously assigned powers. The question arises to whom is the Central Bank accountable, which has broad influence on the entire state system and the country’s economy.

The IMF is such an organization. It is the orders of the International Monetary Fund that the Central Bank is obliged to carry out under any circumstances. Membership in the IMF for Russia is based on a signed agreement. The regulations on the Central Bank, among other functions, indicate the role of the Central Bank as a depository for the IMF to place funds and carry out transactions in accordance with the current agreement.

The list of the IMF's main requirements includes ensuring that the country can exchange the entire money supply in domestic currency for American dollars or pounds sterling using its reserves of gold and foreign exchange reserves. A country that is a member of the IMF is obliged to maintain this possibility at any time and be ready to conduct an exchange at the same time. The obligation to comply with this rule introduces a limitation on the funds available to the Russian economy - it is necessary to maintain the availability of the money supply in the same volume as the foreign exchange reserves in the Central Bank. The consequence of this regulation is a direct relationship between the funds received from the sale of the country’s oil and gas resources and the amount of money that the Central Bank has the right to issue. There is direct confirmation of the dependence of the entire Russian economy on foreign currency received from the sale of oil and gas.

In international practice, there are enough cases when the Central Bank and the state are separated. A similar system (the Federal Reserve System) operates in the United States. However, unlike foreign practice, the Russian Central Bank is not authorized to lend to its own state and economy. Unlike the Americans, where the state easily receives loans through the Federal Reserve System, Russia does not have the right to borrow from its own Central Bank. The paradox is that a similar restriction is not established for the economies of other countries that receive loans as financial support from the Central Bank of Russia.

A detailed study of the implementation of the provisions on the Central Bank gives the impression that the organization is not subject to control: neither the government nor the country's legislative body has the right to give direct orders in relation to the bank. At the same time, the Central Bank has been given enormous powers in relation to the economic sphere, and for banks and insurance companies, the Central Bank serves as the final authority on which their fate depends. Only the IMF has the right to influence the Central Bank at the official level, but the goals of this organization are not related to domestic interests. Despite the provided function of printing banknotes and the right to regulate the volume of money supply in the country, the Central Bank is limited by international regulations. When the national currency and the central bank of the country do not belong to the state, the question regarding the optimal functioning of the Central Bank remains open.

Hello, dear readers! Quite often it pops up in the information space various information about the Central Bank of the Russian Federation. Information of varying degrees of veracity, from speculation and gossip, to formalities and legal facts, can be found both in the yellow press, in small communities discussing world conspiracies, and in completely authoritative publications. One of the cornerstone questions, from the answer to which a lot of side theories and revelations arise, is the question “Who owns the Central Bank?” or “Who does the Central Bank report to?” Today we will try to give an answer to it, as well as analyze some of the opinions existing in society on this matter.

What is the Central Bank of the Russian Federation?

First of all, you should decide what this institution is, what functions and properties it has, whether it is unique or has analogues in the world. This approach seems to be the most correct, in the context of a comprehensive analysis of opinions existing on the Internet and in society regarding the Central Bank.

As sources for our small research, we will take popular rumors from the Internet and compare them with legislation, as well as with information from official sources, including from the Bank itself.

We open Wikipedia and see that the Bank of Russia is:

a special public legal institution, a first-tier bank. The main emission and monetary regulator of the country, developing and implementing, in cooperation with the Government of the Russian Federation, a unified state monetary policy and endowed with special powers, in particular, the right to issue banknotes and regulate the activities of banks. The Bank of Russia, fulfilling the role of the main coordinating and regulating body of the entire credit system of the country, acts as an economic management body. The Bank of Russia controls the activities of credit organizations, issues and revokes their licenses to carry out banking operations, and credit organizations work with other legal entities and individuals, while the Bank of Russia is also a legal entity.

Goals and functions of the Central Bank

Art. Art. 3 and 4 of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” contain the goals and functions of this institution.

Article 3. The goals of the Bank of Russia are:

protecting and ensuring the stability of the ruble;

development and strengthening of the banking system of the Russian Federation;

ensuring stability and development of the national payment system;

development of the financial market of the Russian Federation;

ensuring stability of the financial market of the Russian Federation.

Making a profit is not the purpose of the Bank of Russia.

Pay attention to the last point. Many myths about the Central Bank are connected precisely with the fact that this organization, one way or another, has making a profit as one of its main tasks.

All functions specified in Art. 4 are aimed at achieving the set goals, so we will not focus on them.

Legal status

The legal status of the Bank of Russia is determined by three main sources:

Article 75 of the Constitution of the Russian Federation
Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”
Federal Law “On Banks and Banking Activities”

Part 2 of Article 75 of the Constitution reads:

Protecting and ensuring the stability of the ruble is the main function of the Central Bank of the Russian Federation, which it carries out independently of other government bodies.

This constitutional and legal status raises several questions. What does “independent of other government bodies” mean? And doesn’t “others” mean that the Central Bank is also a state body? authorities?
The Constitutional Court of the Russian Federation, in its ruling, noted that the functions of the Central Bank “by their nature relate to the functions of state power, since their implementation involves the use of state coercive measures.”
Then the list of questions only grows...

Article 1 of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”

The Bank of Russia is a legal entity. The Bank of Russia has a seal with the image of the State Emblem of the Russian Federation and with its name.

Not only does the Bank operate independently, it is also a legal entity! So all the rumors are true? Does the Central Bank really act autonomously, depriving Russia of sovereignty in terms of financial security and the issue of the ruble?

The situation with the independence of central banks in foreign countries is quite common. For example, the Bank of England, originally a private bank, today has the status of an “Independent Public Organization”. Many countries independently limit their sovereignty in terms of issuing currency, transferring these functions to supranational bodies.

Returning to the Bank of Russia, it should be noted that its independence is still limited by current legislation, as well as by regulatory authorities. For example, Art. 23 Federal Law “On the Accounts Chamber of the Russian Federation”, authorizes the Accounts Chamber to conduct a financial audit of the Central Bank.

In addition, Art. 5 of the Law on the Bank of Russia establishes its accountability to the State Duma of the Russian Federation. It also gives the Duma and the President certain powers in relation to the Central Bank. For example, consider the main directions of the unified state monetary policy and make decisions on them, appoint and dismiss members of the Board of Directors of the Bank of Russia and others.

Is such independence of the Central Bank justified? - Hard to say. Most likely, it depends on the political regime and government system. It is democracy, as a political regime, that probably implies the existence of such independent public legal institutions. Against the background of the transition to capitalism and democracy, many of our compatriots, nostalgic for the USSR, refuse to accept changes in approaches at the everyday level, at a time when they have long come to terms with everything on the political and social level. We came to our senses too late.

After the publication of materials proving the private nature of the US Federal Reserve System, a similar question quite often arises about the Central Bank of Russia. Who owns the Russian printing press? Really? When studying the law on the Central Bank, in which this question, although it has a trivial answer, no clear understanding of the situation arises. Other questions arise. The main one is - do we even have such a government body - the Central Bank? Of course, we have a certain commercial bank “Central Bank” and it can even print rubles, but its functions are somewhat different from those usually attributed to the central banks of independent states.

But first, let's return to the main question. Yes, the authorized capital and property of the bank are federal property:

Article 2. The authorized capital and other property of the Bank of Russia are federal property. In accordance with the purposes and in the manner established by this Federal Law, the Bank of Russia exercises powers to own, use and dispose of the property of the Bank of Russia, including the gold and foreign exchange reserves of the Bank of Russia. Seizure and encumbrance of the specified property with obligations without the consent of the Bank of Russia is not allowed, unless otherwise not provided federal law. The state is not liable for the obligations of the Bank of Russia, and the Bank of Russia is not liable for the obligations of the state, unless they have assumed such obligations or unless otherwise not provided federal laws. The Bank of Russia carries out its expenses from its own income.

The Law on the Central Bank of the Russian Federation, it would seem, makes everything clear about belonging Central Bank. In addition, the Duma appoints the Chairman of the Bank and members of the Board of Directors on behalf of the President. And it's fine here. What is alarming? And almost the same independence from the Government RF, which the Fed also has. Rather, there is an inverse relationship - the Government of the Russian Federation depends in its activities on the policy of the Central Bank of the Russian Federation. The law is clearly copied from similar US Federal Reserve legislation, with some important exceptions, which I will discuss later. Now let’s pay attention to the phrase immediately after establishing the ownership of the property: the state is not responsible for the obligations of the bank, the bank is not responsible for the obligations of the state... How is that? The property belongs to the state and the state cannot answer for its obligations with this property?

In other words, the state can become bankrupt even with a huge gold and foreign exchange reserve. Gold reserves are untouchable! There is gold and foreign currency reserves, but not about our honor. That's what this article is about. Well, about the property, the building, the furniture - these are little things. They belong to the state, calm down. The authorized capital of 3 billion rubles is the same. When we are talking about hundreds of billions of dollars, such amounts are not taken into account. So, it can be stated that the law on the Central Bank is contradictory in its essence. Formally being federal property, the Central Bank, however, does not bear any obligations towards the state. And if suddenly the state makes some demands on him, then:

Article 6. The Bank of Russia has the right to file claims in the courts in the manner prescribed by the legislation of the Russian Federation. The Bank of Russia has the right to apply for protection of its interests to international courts, courts of foreign states and arbitration courts.

You can, of course, not listen to the decisions of the Strasbourg courts and use gold and foreign currency reserves in accordance with the first phrase of the second article of the law, however... The gold and foreign currency reserves are not in the Central Bank. Dollars and other currencies received for trading in oil and gas are not imported into Russia. At least in this quantity. And rightly so. They would have to be transported in trains. I once figured out that a million dollars in hundred dollar bills is a suitcase. One hundred million, respectively, is a carriage. A billion is already a train of 10 carriages. Imagine transporting 3–4 billion dollars to the Central Bank of the Russian Federation! The gold reserves increase by approximately the same amount every week! Over the past few years. Has anyone seen trains under guard that would be driven into the basements of the Central Bank? I don’t think that the Central Bank safes are generally designed to store such amounts of green paper. Accordingly, they are not there. Where is the gold and foreign currency reserves?

First, we note that there is no point in having so much cash at all. This money represents numbers in a bank computer, that is, “non-cash”. And on what computer? Which bank? Our Central Bank? Very doubtful. Their presence in the accounts of the Central Bank must somehow be reflected in the international financial system. Who will simply believe our Central Bank that it has these 289 billion dollars (as of December 13 of this year)? This means that somewhere in the west they have a Main Banking Computer, where information is stored that the Central Bank of the Russian Federation does have this money. Actually, such information is the gold and foreign currency reserves in question, and the computer is controlled by the World Bank and the IMF - two real financial structures of the World Government, the existence of which many for some reason still cannot admit.

Secondly, gold and foreign currency reserves do not even represent money. The Central Bank of the Russian Federation transferred the bulk of the gold and foreign currency reserves into US “securities”, more precisely into loan bonds of the US government, which back in March of this year almost declared a default on these same securities. And it will certainly be announced in about 2 years, in 2008. Financial “analysts” prefer to remain silent about this, although information about this is easily accessible and verifiable. In general, the Central Bank hid “its” gold and foreign currency reserves in such a way that the Russian state would not get to it under any circumstances. Well, since US securities are used here (on which there will certainly be a default), it is clear whose interests in this case the Central Bank of Russia reflects in its actions. But that's not all. There is one article in the law on the Central Bank of the Russian Federation that fundamentally distinguishes it from the Federal Reserve System, which is also a “state-independent” bank. It turns out that

Article 22. The Bank of Russia does not have the right to provide loans to the Government of the Russian Federation to finance the federal budget deficit, or to purchase government securities during their initial placement, except in cases where this is provided for by the federal law on the federal budget. The Bank of Russia does not have the right to provide loans to finance deficits in the budgets of state extra-budgetary funds, budgets of constituent entities of the Russian Federation and local budgets.

Here it is necessary to clarify that the issue of dollars produced by the Fed is directly related to with provision loans to the US federal government. This is done through the purchase of US government bonds. to non-existent more money. Roughly speaking, “securities” of the US government fall into the hands of the Fed, and in exchange for government accounts, the corresponding numbers are simply written down. Which simply did not exist in nature before. These numbers in the bank computer become new money. They are disposed of US government. This is, so to speak, the first stage. The second stage of the issue is that banks from the Federal Reserve system issue loans to ordinary commercial banks against the collateral of US government “securities” that have already been received. But with a certain increasing factor. This coefficient usually ranges from 9 to 16. This operation in the banking community is called “fractional reserve” and also leads to an increase in the total money supply. Cash dollars are printed when the corresponding non-cash amounts are written off. This is the case in the USA.

What do we have in Russia? A completely different system. The Central Bank of the Russian Federation has no right to lend to the Government of Russia under any circumstances and correspondingly This mechanism for introducing money into the economy is completely turned off according to the current law. How are rubles introduced into circulation? Through the purchase of foreign currency, that is, the same dollars. How many dollars the Central Bank puts in its piggy bank, so it will print rubles and put them into circulation. All this happens through the currency exchange. As a result, the ruble supply is directly tied to the dollar supply. We can assume that rubles are the same dollars that “lie” in the gold and foreign currency reserves of the Central Bank, but repainted in other colors and the numbers on them stand with a certain coefficient. This coefficient changes slightly over time, but not much. By law, again, the Central Bank is simply obliged to maintain a constant ruble exchange rate. In relation to the dollar, of course. Thus, our financial system becomes only a kind of regional branch of the Federal Reserve financial system.

This fact may not even be perceived on a conscious level by the leadership of the Central Bank itself; this situation arose as if by itself... The fundamental thing in this situation is that the needs of the domestic economy in the money supply are completely dependent on exports, which bring dollars to the currency exchange. The amount of oil traded equals the amount of money in the economy. Real production within the country and commodity mass on the domestic market in this scenario are not considered. One of the results of this approach is inflation - the growth of the commodity supply within the country does not keep pace with the export of raw materials. There are too many dollars coming in, and accordingly, too many rubles are being printed against them. In order to somehow eliminate inflation with this emission mechanism, it is necessary to either reduce exports or import more Western goods. Or constantly increase the ruble exchange rate.

All these options have their negative consequences with the exception of one – the import of means of production and technology. Only such a “waste” of dollars can result in an increase in the production of goods on the domestic market and, accordingly, a decrease in inflation. But who will allow us to spend gold and foreign currency reserves for this? That's the problem. Obviously, this situation indicates the subordinate position of the Russian financial system in relation to the international financial system, and to its main core - the Federal Reserve System. It is also obvious that such a state is artificial and introduced by agents of Western influence in the person of Gerashchenko and other financial figures. Hiding behind supposedly independent and free from the state interference with the financial system, in fact, the infrastructure of Russia's finances was completely subordinated to the West. Yes, it could not have been otherwise under the “reformer” Yeltsin.

To circumvent the problem of “independence from the state” of the Central Bank and its gold and foreign currency reserves, the Stabilization Fund was created under the government. However, its figures were also able to be removed from finance - they were transformed first into currency, and then into US “securities”. Naturally, again it turned into numbers on the Main Banking Computer somewhere in the World Bank. Which, on occasion, can be “frozen”. It is interesting that in the draft government resolution “on the procedure for investing the Stabilization Fund”, the Ministry of Finance proposed that the Fund’s funds could be invested in securities of “the governments of Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal , Spain, Great Britain and the USA." What is interesting here is not even the meaning of the resolution, but the order of the countries. The countries are listed in alphabetical order, but not Russian, but... English. Accordingly, the original draft resolution was written in English, and the Ministry of Finance issued only a translation to Fradkov for signature. The translator of the Ministry of Finance did not rearrange the countries in the order of the Russian alphabet. Accordingly, the decree itself, signed by Fradkov on April 21 of this year, contains quite transparent evidence - the decree was clearly not prepared by the Ministry of Finance. There is only a not very smart translator in the Ministry of Finance. The text of the resolution was widely quoted by the press, and traces of it, along with a translator’s error, are also on the Ministry of Finance website.

By the way, the funds of the Stabilization Fund will be placed in the West under the guise of funds from the Central Bank of Russia. Financiers are afraid that the Russian government's accounts may be seized (there have already been cases of attempts to seize Russian property - ships, planes...). But the Central Bank accounts seem to not be able to. Since the Central Bank of the Russian Federation is no longer a government agency and cannot be held responsible for the state. Purely legal. Like this. Maybe just not have such accounts abroad? In such an astronomical volume? Or should I have a reciprocal lever of blackmail at hand? The law on the Central Bank contains several other important points that indicate that this organization has a very indirect relationship with the state. First of all, this is a profit article. The Central Bank, if you follow the logic of the law on it, is a commercial bank. He has profit, which is generated from any form of his activity, including seignorage - profit from direct emission of money. This profit is not subject to state control and does not go to the state budget. It was this fact that was used in court papers about the Fed as evidence of its private nature. Can this fact be used in relation to the Central Bank? Naturally.

We can also add to this that the salaries of Central Bank employees are determined by its own Board of Directors. Why not set yourself a million dollar salary? Or am I being petty? Of course, the real appropriation of capital is somewhat more complicated; it is still inconvenient to assign yourself a fantastic salary in front of everyone, but the basic principle is important here. I will not consider the history of legislation on the Central Bank. I refer you to the book by V.V. Martynenko “The unknown policy of the Bank of Russia.” From it it is clear that the Central Bank has the strongest lobby in the State Duma. And the adoption of laws on the Central Bank, as in the United States, follows approximately the same scenario - corruption. The only thing that needs to be noted here is Putin’s attempt to nationalize the Central Bank of the Russian Federation in 2000. The Duma did not give it. Even the “party in power” - United Russia - did not support Putin in this. In general, no parties supported it, including the Communist Party of the Russian Federation. Which makes us think about the political nature of our parties in general.

It is clear that the story with the Central Bank is not over yet. Recent events around the Central Bank indicate that some processes are underway here. And there will still be attempts by the current government to put this “state” body under state control. I think that it is simply necessary to support her in this. What did we get in the end? The government cannot dispose of gold and foreign currency reserves or any other assets of the Central Bank of Russia. According to the law, the Central Bank does not even have the right to lend to the government, which is the funniest and most tragic thing. Essentially, the Central Bank took upon itself only the responsibilities of a foreign exchange office and, thereby, made the Russian financial system dependent from international financial system with a management core in the US Federal Reserve. In order to avoid a default situation, the government was forced to create a Stabilization Fund, which the smart guys from the Ministry of Finance again managed to take away from the control of the government by transferring its funds in currency and securities to the accounts of the World Bank under the guise of funds from the Central Bank of the Russian Federation. The government again found itself in an unstable position - with an unexpected decrease in monthly revenues from tax authorities and customs, state employees could be left without salaries, and the work of the entire state apparatus could be paralyzed. And of course, for real investment projects, the penny Investment Fund under the control of the clever Gref is clearly not enough.

And the other day the government came up with “new” ideas - a new state corporation will be created under the loud name “Bank for Foreign Economic Affairs and Development of the Russian Federation.” This will not be an ordinary bank. It will not provide loans to individuals and will not make a profit. It will only provide interest-free long-term loans to legal entities for periods of more than 5–10 years. “But the most important feature of the Development Bank is that, unlike other banks, it will not be subordinate to the Central Bank. Only the government can control it. The Central Bank will not even be able to check it, which is specifically stipulated in the bill." True, special laws will have to be adopted to create it. Will it be possible to overcome the Central Bank lobby in the Duma?

Continuing the theme of the Central Bank. One may doubt that the Central Bank is a government agency at all. The main reason is its independence from government authorities. And legally this is enshrined in the law on the Central Bank in the second article, which states that the Central Bank is not responsible for the debts of the state. For lawyers in any country, this means complete independence of this body from the state. For property relations in this matter are decisive. The Central Bank does not belong to the state, since the state cannot dispose of the property of the Central Bank.

To make it clear to everyone, I will clarify that the gold and foreign exchange reserves of the Central Bank are beyond the reach of state authorities. This is true even if the authorities appoint the managing managers of the organization. As an example of the relationship between the Central Bank and the highest authority in the country - the State Duma - an absolutely stunning example can be given. This is the intention of the Accounts Chamber to audit the activities of the Central Bank. This happened immediately after the murder of Deputy Chairman of the Central Bank Kozlov. But it suddenly turned out that it was impossible to do this without the permission of the National Banking Council! The chairman of this body is the head of the Ministry of Finance Kudrin. Kudrin came to the defense of the Central Bank and he turned out to be more important than the Chairman of the Accounts Chamber Stepashin. Although the other day the permit was still issued:

At the next meeting, the National Banking Council (NBC) will approve an audit by the Accounts Chamber of the financial and economic activities of the Bank of Russia, Aleksey Kudrin, chairman of the NBS, told deputies on Friday. “This implies that the Central Bank is controlled by parliament,” the minister explained.

The last clarification is very significant. The bankers were concerned that the independence of the Central Bank would become noticeable to the public and allowed an audit. In fact, we are not talking about some kind of complete independence of the Central Bank. While not subordinate to the Russian authorities, the Central Bank is completely subordinate to the international financial structures of the World Government - the World Bank and the IMF. Kudrin, who serves the interests of these Western financial structures that actually manage the Russian financial system, simply tried to once again hide this fact. In the last article I provided some data that clarified this situation.

The last fact is the withdrawal of the Stabilization Fund from government control and the search for a foreign manager for it. All this under the pretext of the effectiveness of its use. At the same time, the most effective way - investing in the Russian economy - is for some reason not mentioned at all. More precisely, its discussion is avoided in every possible way under the pretext of possible inflation. I can't think of a stupider reason! After all, investment primarily means the purchase of modern equipment abroad. The money will go to the Western commodity market. And in Russia this will result in an increase in commodity production - the best remedy for inflation. Even if you buy equipment directly in Russia, this will still result in an increase in the commodity mass by 15-20% more than the invested capital. This is again a reduction in inflation. Someone “especially gifted” in financial matters may say that the Stabilization Fund is in rubles and it is not possible to spend them abroad without converting them into foreign currency. And the conversion will add rubles to the domestic market and will reduce the ruble exchange rate and add to inflation. We're late! Already converted. And they reduced it and added it.

Moreover, before this money was converted into dollars, it was first converted from dollars into rubles. Because this is a tax on oil exports, which are still sold in dollars. That is, before getting into the Stabilization Fund, this money was printed by the Central Bank to buy up surplus dollars on the currency exchange, where they came from oil trading. And this policy of the Central Bank certainly leads to inflation. Maybe we should have taken taxes directly in dollars? Rate the joke...

But let's return to the problem of the Central Bank. Some people still do not understand the situation around the Central Bank. Back in 2000, Putin tried to nationalize the Central Bank, but his initiatives did not pass the State Duma. Not a single party supported him. But Putin himself does not have the right to write laws. He is a president, not a king. And according to the law of the Central Bank, we are an independent organization. However, the struggle for the Central Bank is still going on. The Law on the Central Bank is periodically revised. For example, in 2003, after long battles between three parties - the Duma, the government and the Central Bank, some minor powers of the Board of Directors of the Central Bank crept into the National Banking Council, which can still be at least somehow considered a government body. But what was the intrigue then?

“Before the government took control of the amendments to the law, deputies proposed depriving the Central Bank of the Republic of Belarus of its independent status.”

That is, “the amendments to the second reading transferred the strategic functions of the Board of Directors of the Central Bank to the NBS, but the Central Bank managed to convince the government and deputies not to accept such changes into the law.” It should be noted here again that the main defender of the Central Bank was and remains a member of the government and head of the Ministry of Finance Kudrin. Being the head of the National Banking Council, he is, however, not very keen to increase his powers to manage the Bank of Russia. And this makes you think... The following fact also makes you think - back in 2002, the Federation Council, being in favor of changing the status of the Central Bank, vetoed the law under discussion, but deputies of the lower house overcame this veto - “with 300 votes required to make a decision, 389 voted to override the veto deputies, 1 voted against, 1 abstained.”

Interesting are the amendments to the law that Duma deputies introduced into the law in 2002 (they were included in the law already in 2003).

1. “The governing bodies of the Bank of Russia are the National Banking Council, the Board of Directors of the Central Bank and the Chairman of the Bank of Russia.”

2. “The Central Bank will transfer to the federal budget 50% of the actual profit received at the end of the year, remaining after paying taxes and approving the annual financial statements.”

That is, it was then that part of the independence of the Central Bank was taken away from the Central Bank and the National Bank was given some management functions. But the most important thing is that they took away 50% of the profits! This is a tax called “halving”. If you print money, give at least half of it to the state. The fact that there should be no profit from the printing press, in principle, somehow did not reach the deputies. But even 50% is already a victory.

The behavior of some people during the discussion is also interesting: “The amendments were adopted despite the objections of the new head of the Central Bank, Sergei Ignatiev, who was present at this meeting, and Finance Minister Alexei Kudrin. The government, in particular, objected to vesting the NBS with “managing” functions, insisting that they should only be control ones. The head of the budget committee, Alexander Zhukov, shares the same opinion.”

The “government” here, presumably, was represented by Kudrin’s opinion. This gentleman really doesn’t want the state to interfere in the affairs of the Central Bank. Even in the person of him personally, Finance Minister Kudrin. There is another important point in the history of the law on the Central Bank - the struggle of the Central Bank to strengthen control over Russian commercial banks. If the Central Bank were unconditionally a state body, then I would only would welcome such aspiration. However, the situation here is different and it is worth understanding a little. And to do this, you will have to plunge a little into the history of the emergence of commercial banks in Russia.

Some may remember the times of shock therapy according to the recipes of Gaidar, the grandson of the great writer who created the bright image of Malchish-Kibalchish. This grandson left far from the brightest memories. My mother-in-law, a doctor at a regional hospital, remembers how she received her salary in bags of sugar. And my father-in-law then received his salary at the factory not in money, but in coupons to a local store. As a result of reforms, the state's financial system suddenly found itself paralyzed. Industrial enterprises, which had previously worked quite normally, suddenly found themselves completely without money. So much so that there was no way to pay salaries. The shock was so strong that some business managers, unable to bear the sight of the destruction of their enterprises, committed suicide. Whether financial flows were stopped intentionally or not is a big question, but the fact that it had an effect better than the atomic bombing is an indisputable fact.

However, not the entire economy died then. Although the financial weapon caused enormous damage to the economy, it did not completely destroy it. A temporary solution was found - barter. The goods themselves became money - wood, coal, oil, sugar, flour... And not all, but many enterprises continued to operate. The next step to solve the problem of organizing trade in the conditions of a destroyed financial system was the creation of commercial banks. Yes Yes. Enterprises themselves created their own banks! What to do if the banks operating at that time refused to service them? This is how Gazprombank, Stroybank, Sudostroitelny Bank, Sibacadembank, Agropromcredit Bank, Zheldorbank arose... Even the Siberian Academy of Sciences was forced to create its own bank in order to pay scientific staff salaries on time!

Of course, there were private selfish interests involved, money is money. However, the Russian economy survived thanks to these banks. A fact is a fact. It cannot be said that the integration of banks and industrial enterprises is some kind of invention of the Russian economy during the era of Gaidar’s reforms. Not at all. The development of South Korean corporations - chaebols and Japanese juduns is precisely connected with the emergence special type of financial and industrial groups. These groups, including financial structures, became independent from the external banking system, which added stability and efficiency to them in the use of available capital. Many Western TNCs also include financial institutions, which also increases their competitiveness. Naturally, this situation does not suit entrepreneurs from purely financial circles. Financial flows are locked within industrial corporations, preventing ordinary banks from receiving their share of profits.

For example, “according to a survey of business associations, the share of transactions within the subdivisions in the volume of sales of manufacturing companies included in the subdivisions is 20.4%.” Money circulating within industrial associations ceases to bring profit to money monopolists and therefore becomes the main target for their attacks. But this fact can already explain to us the policy of the Central Bank towards commercial banks. I cannot yet say for sure that it was the purposeful activities of the Central Bank that led to the paralysis of the Russian economy in the early 90s. This fact still requires further study. But what's going on with licensing commercial banks clearly raises suspicions of some ulterior motives. And the letters of the arrested Frenkel strengthen these suspicions.

The fact that the Central Bank organized a boycott of the Russian economy can be seen from another fact. The Central Bank refuses to lend to it at all! No, never an explicit ban didn't exist. However, the interest on the loan was such that only a madman could take out a loan under such conditions. Of course, there were such people, but this had no effect on the economy as a whole. How are things going now? The Russian economy gained access to loans. But abroad! To date, Russian enterprises owe about $140 billion to Western banks. Why Western and not Russian? Don't we have any money? It seems there is - gold reserves are more than 300 billion. The Central Bank could use part of the gold reserves for loans to Russian enterprises. But he prefers to keep it on Western accounts. Western banks, taking into account all the risks, provide loans to our enterprises on acceptable terms. Perhaps using our own gold and foreign currency reserves.

Greetings, dear readers! Today we will look at important information on registration of the Central Bank as a legal entity. This question will be of interest to many - people who have heard a lot of false information on TV or in unreliable sources, or those who are studying or simply want to find out who controls the country’s financial system.

In this article you will learn:

What is the Central Bank and what functions he fulfills. We will analyze in detail each task that the Central Bank faces, find out how and what it can influence the economic situation in the country
Who is chairman TSB RF
Where is registered the main bank of Russia as a legal entity

What is a central bank?

Central Bank of Russia is the main bank of the country, endowed with such powers that cannot be vested in other banks. The most important task of the Central Bank of the Russian Federation, prescribed in the constitution of the state, is ensuring the stability of the national currency- ruble. The issue of securities, the issuance and revocation of licenses to state-owned banks, the setting of exchange rates, the determination of the key rate (or refinancing rate) - all this is carried out exclusively by the main bank of Russia. It is important to understand that this body does not belong to a branch of government, but exists as an independent organization.

Undoubtedly, the Central Bank is the most important component of our state.

Functions of the Central Bank

Issue of money- this is their release. Coins are minted and banknotes are issued. The Central Bank is the only bank in our state that has such an opportunity. No other commercial bank can engage in similar activities. He runs all the other banks - maybe give them loans or take deposits, issue licenses and take them away. Loans are issued at a key rate; deposits can only be taken at a lower interest rate. Recently, the refinancing rate has been equalized to the key (accounting) rate. This percentage is very important in monetary policy. It can restrain price increases, regulate the stability of the national currency, support business activity, etc.

Also the central bank monitors the diligent work of other commercial banks. If a bank pursues an aggressive policy or fights unfairly, the Central Bank of the Russian Federation may take away the license to carry out banking activities.Let's remember the bank Ugra, whose advertisements were so often shown on TV, ceased its activities due to the fact that the organization's license was taken away.If a large bank has large financial debts, The Central Bank of the Russian Federation may attract third-party investments or give a bank a loan to avoid bankruptcy. It is better to help than to crush. For example, the largest bank Otkritie is in an unfavorable financial condition and the Central Bank took it over reorganization

At the end of each day, the central bank publishes Exchange Rates the next day after the previous trading day. That is, we exchange currency at the rate that was yesterday. On special exchanges, exchange can be made at the current rate. To avoid speculation, the price of the dollar or euro is not set specifically. In 2014, during the crisis, it was said that fight for speculators will continue.

When the national currency weakens, prices on the domestic market begin to rise. To avoid a sharp rise in prices, the Central Bank of the Russian Federation raises key rate, thereby reducing money turnover in the country. This leads to stabilization of the situation. For example, after the crisis in December 2014, the Central Bank raised the key rate to 17%. If such a decision had not been made, the dollar could have easily broken through 100 or 150 rubles. This would cause a sharp rise in prices for all goods and an increase in poverty, so the key rate is very important.

On the website of the Central Bank you can find out inflation for the current month in relation to the same month of the previous year. The Central Bank does the same inflation target- the indicator to which they strive. For example, in 2018, prices are expected to rise by 4%. That is, goods prices have risen by about 4% over the past year. But so far, as of July 2018, compared to July 2017, the price increase was only 2.5%. It has been noted more than once that the rate of inflation has dropped sharply this year.

The Chairman of the Central Bank since 2013 is Elvira Nabiullina.

Where is the Central Bank of Russia registered as a legal entity?

Why do doubts arise about where the Central Bank of the Russian Federation is registered? After watching videos on the Internet, as well as various television programs, many are wondering about registering the main bank of Russia. For example, “they say that the Central Bank is registered in the USA.” I would like to point out right away that you should not trust such programs. More often this is only done for propaganda or created by illiterate people whose main task is to put forward their theory and become more popular. They certainly do not pursue any good goals. In part, such “experts” may be right, but the picture they paint is such that one does not agree with the other. In general, it's better to have minimal knowledge in this area, to sift out all the rubbish that is poured into us from all sides!

Many people are interested in the affiliation of the Central Bank of the Russian Federation. As a legal entity, the Central Bank has a legal address. This is clear to everyone.The legal address of the Central Bank of Russia is in Moscow, it is important to understand that the Central Bank of the Russian Federation is not a government body, but only cooperates with the government. For example, are developing a program for sound monetary policy and development of the Russian financial market. The Central Bank of the Russian Federation cannot be a completely independent organization; in some cases, interaction with the government of the country is simply necessary. Besides 90% of your incomethe main bank sends it to the country's budget.

In order for the country's banking system to work like a clock, there must be a body that regulates and organizes the work of all financial organizations. And there is such a body - the Central Bank of the Russian Federation. The head of the Central Bank of Russia is doing a great job of controlling financial issues in the country, and today we will tell you a little about this.

What is the Central Bank of the Russian Federation

The Central Bank of the Russian Federation is a special institution. This is the main first-level financial organization, a special public legal institution in Russia. The Central Bank of the Russian Federation is the main regulator of the country's monetary relations, pursuing appropriate state policies. As a result, the bank and the head of the Central Bank of Russia are vested with special powers, for example, they have the right to issue banknotes and can regulate the work of financial organizations.

The Central Bank, including the head of the Central Bank of the Russian Federation, is the economic manager of the country. He controls the work of other credit institutions, gives or takes away their licenses, and then the financial institutions themselves work with the population and legal entities. The Central Bank of the Russian Federation itself is also a legal entity.

The main function of the Central Bank is to protect and guarantee the stability of the national currency, and this is carried out regardless of other government bodies. The activities of the Central Bank of the Russian Federation are regulated by the law “On the Central Bank of the Russian Federation” and other federal laws. Having become the heir to the State Bank of the USSR, in 2002 the Bank of Russia became the Central Bank of the Russian Federation, and since then has been successfully fulfilling its functions.

Who's at the helm

The composition of the board of directors changed significantly at one time until it reached stable figures. The Central Bank personnel were especially “stormy” during the unstable nineties, during crises. Some leaders were only in office for a few days!

The leadership of the Central Bank of the Russian Federation today is more stable. According to the Federal Law regulating the activities of the financial colossus, it is headed by the Chairman of the Bank of Russia and almost a dozen members of the board of directors.

They work on a permanent basis at the Bank of Russia and are appointed for a five-year term. They are selected by the State Duma, and the list is also agreed upon with the President of the Russian Federation.

Head of the Central Bank Elvira Nabiullina

The current Chairman of the Central Bank of the Russian Federation is Elvira Nabiullina. She was appointed to this position in 2013. The board of directors includes:

Olga Skorobogatova, First Deputy Chairman of the Bank of Russia;
Dmitry Tulin, First Deputy Chairman of the BR;
Sergey Shvetsov in a similar position;
Ksenia Yudaeva in the same position;
Vasily Pozdyshev, Deputy Chairman of the Bank of Russia;
Olga Polyakova, also Deputy Chairman of the BR;
Dmitry Skobelkin in a similar position;
Vladimir Chistyukhin, Deputy Chairman of the BR;
Alexey Simanovsky, Advisor to the Chairman of the Bank of Russia;
Sergei Ignatiev, also advisor to the Chairman of the BR;
Nadezhda Ivanova, head of the bank’s main department for the Central Federal District.

You see who is on the board of directors of the Central Bank of the Russian Federation. By the way, this is a permanent collegial body of the Central Bank. Members of the Council work in the Bank of Russia, and at least once a month they gather for a general meeting, which is held and chaired by the head of the Central Bank of the Russian Federation.

It would seem that there is a head of the main financial tycoon of Russia, and he can make decisions and lead economic policy. Why do we need a board of directors? In fact, its functions and tasks are regulated by the federal law common to the Central Bank and are very extensive:

Preparation of the draft and final budget and credit policy, as well as monitoring their implementation. This is being done jointly by the Russian Government.
Preparation and approval of annual reports on the activities of the Bank, work with auditors and the Accounts Chamber, preparation of papers for the National Banking Council and the State Duma.
Analysis of the state of the Russian economy.
Report on the activities of the Bank of Russia.
Preparation for approval by the National Banking Council of future expenses of the Central Bank - with calculations and justifications.
Working with interest rates, transaction limits, in a word, with what ordinary citizens face when working with credit institutions. Including payments from those institutions that became bankrupt.
Making decisions on the release or withdrawal of new coins and banknotes from circulation.
Calculation of the authorized capital of the Bank of Russia for consideration by the State Duma.

The Board of Directors resolves many other issues within the framework of the Federal Law regulating its activities. They relate to both the work of the institution itself, its structure, remuneration of employees, and the general economic policy of the country. The Central Bank itself does not make decisions in isolation from the State Duma; it can only recommend certain proposals or decisions, and after that the government body accepts or rejects the proposals.

The Central Bank is a colossus that is not easy to manage

Interestingly, strict rules apply to those who serve on the board of directors. These people cannot be deputies of the State Duma or other government bodies, cannot hold positions in the civil service, or be members of the government or the Federation Council. They cannot be registered in parties, work in socio-political or religious organizations and work (part-time) in other financial organizations. Moreover, they are not even allowed to purchase securities if this conflicts the interests of the Central Bank and a member of the board of directors!

Head of the Central Bank

The Chairman of the Central Bank of Russia is an honorable and responsible position. Everyone probably knows who heads the country's most important financial center. The head of the Central Bank of Russia in our time is Elvira Nabiullina. She took over as head of the Bank of Russia in 2013, and since then numerous powers have fallen on her shoulders:

work, representing the bank, with authorities, credit institutions, including foreign ones, as well as organizations not related to the economy;
chair the board of directors of the Central Bank, with the head of the bank having a casting vote;
sign in person and transfer the right to sign to an authorized person from the board of directors regulatory acts and other documents;
appoint or remove their deputies;
give deputies powers;
indicate to your subordinates.

True, with this set of rights there are also many duties and responsibilities. The head of the Central Bank is obliged to ensure that the bank operates successfully, within the framework of the law, and to make decisions (with subsequent responsibility) concerning the work of the bank, except for those decided by the board of directors or the National Banking Council.