Bank of Russia Board of Directors

The Board of Directors has a broad range of functions included in its competence pursuant to the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

In the area of monetary policy and development of the financial market of the Russian Federation, the Board of Directors jointly with the Russian Government elaborates the monetary policy guidelines and the financial market development programme, makes decisions on changes in Bank of Russia interest rates, the amount of reserve requirements, and other issues.

In the area of cash circulation, the Board of Directors makes decisions on issuing new design banknotes and coins of the Bank of Russia and withdrawing old design banknotes and coins of the Bank of Russia from circulation.

In the area of the banking system and financial market regulation, the Board of Directors establishes the rules for banking operations in the Russian banking system, makes decisions on setting required ratios for credit institutions, banking groups and non-bank financial institutions, the procedure for making credit institutions’ provisions, and other issues.

In the area of financial stability, the Board of Directors establishes risk-weight add-ons for certain types of assets and macroprudential limits.

In the area of the National Payment System, the Board of Directors establishes the rules for settlements in the National Payment System, sets fees for services in the Bank of Russia Payment System, including in the Faster Payment System, and maximum fees for services in other payment systems, as well as money transfer fees charged by banks from their clients under payment card processing agreements.

In the area of financial and economic operations and the administration and HR management of the Bank of Russia, the Board of Directors approves the structure of the Bank of Russia, its annual financial statements and the report on the Bank of Russia’s activity, as well as performs other functions.

The Board of Directors approves its decisions by a majority of votes of the total number of its members present at a meeting, with a quorum of eight members. The Board of Directors holds its meetings at least once a month.