carries out its functions in accordance with the Russian Federation Constitution, the Federal Law on the Central Bank of the Russian Federation (Bank of Russia), and other federal laws. Under the Russian Constitution the bank’s primary responsibility is to protect and guarantee the stability of the national currency, the ruble. The bank also holds the exclusive right to issue ruble banknotes and coins. It is accountable to the State Duma, which approves the appointment of its governor, nominated by the President of Russia.
The Bank of Russia holds in its possession, uses and manages the country’s gold and currency reserves and other assets, oversees credit institutions’ activities, and issues and revokes licenses for carrying out banking operations.
The Bank of Russia is an economically independent institution that uses its own revenue to cover its expenses. It is a legal entity whose charter capital and assets are federal property.