Bank of Russia Board of Directors

The Board of Directors performs a wide range of functions within its scope of competence as defined by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

With respect to monetary policy and the development of the financial market of the Russian Federation, the Board of Directors, in collaboration with the Government of the Russian Federation, elaborates the guidelines for the single state monetary policy and the guidelines for development of the financial market, takes decisions on changes in the interest rates of the Bank of Russia, on the issuance of new banknotes and coins of the Bank of Russia, on the withdrawal of old banknotes and coins of the Bank of Russia from circulation, and performs other functions.

With respect to the regulation of the banking system and the financial market, the Board of Directors sets the rules for conducting banking operations for the banking system of the Russian Federation and takes decisions on setting mandatory norms for credit institutions, banking groups and non-credit financial institutions, on the scope of mandatory reserve requirements, as well as other decisions.

With respect to the financial and economic activities and the organisational and staffing activities of the Bank of Russia, the Board of Directors approves the organisational structure of the Bank of Russia, the annual financial statements and the reports on the activities of the Bank of Russia, and performs other functions.

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