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

Vacant

Central bank of

Abkhazia^[1]

Currency

Russian ruble, Abkhazian Apsar
RUB (ISO 4217)

Website

http://www.nb-ra.org

The National Bank of the Republic of Abkhazia^[1] (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 disputed region and partly recognized state of Abkhazia on the eastern coast of the Black Sea. 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.

The Bank's headquarters are located in a constructivist building on Leon Street in Sukhumi, Abkhazia's capital.

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.^[2]

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.

Chairmen of the National Bank

On 10 November 2004, during the height of the post-election crisis, President Ardzinba dismissed Boris Zhirov as Chairman of the National Bank and temporarily appointed Vice-Premier Emma Tania in his stead.^[3] After Sergei Bagapsh won the January 2005 rerun, the People's Assembly voted to permanently appoint a Chairman. It first voted against the permanent appointment of Tania, before supporting on 10 June the nomination of Illarion Argun, former Chairman of Gagra Bank, with 29 votes in favour, 3 against and 3 abstentions.^[4]

On 1 August, Argun along with Jeiran Kirval, the National Bank's Chief Security Officer, died in a car crash on the coastal highway near Upper Eshera.^[5]

On 26 December, President Raul Khajimba nominated Head of the Economical Department of the Presidential Administration Beslan Baratelia as the new Chairman.^[6] On 29 December, Parliament elected him with 28 votes in favour and 1 against (out of 35).^[7]

#	Name	From		Until		President	Comments
	Daur Barganjia	1996	^[8]	1998	^[8]	Vladislav Ardzinba
	Boris Zhirov			10 November 2004	^[3]
	Emma Tania	10 November 2004	^[3]	10 June 2005	^[4]		Acting
	Illarion Argun	10 June 2005	^[4]	29 May 2011		Sergei Bagapsh
		29 May 2011		1 June 2014		Alexander Ankvab
		1 June 2014		1 August 2014	^[5]	Valeri Bganba	Died in office
	Beslan Baratelia	29 December 2014	^[7]	present		Raul Khajimba

References

1 2 Abkhazia's status is disputed. It considers itself to be an independent state, but this is recognised by only a few other countries. The Georgian government and most of the world's other states consider Abkhazia de jure a part of Georgia's territory. In Georgia's official subdivision it is an autonomous republic, whose government sits in exile in Tbilisi.
↑ 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.
1 2 3 Kuchuberia, Anzhela (10 November 2004). В.Ардзинба уволил главу Центробанка Абхазии. Caucasian Knot (in Russian). Retrieved 15 April 2011.
1 2 3 Kuchuberia, Anzhela (10 June 2005). "Избран новый председатель Национального банка Абхазии". Caucasian Knot. Retrieved 20 July 2012.
1 2 "В результате аварии погибли председатель Нацбанка Илларион Аргун и начальник службы безопасности банка Джейран Кирвал". Apsnypress. 1 August 2014. Retrieved 6 August 2014.
↑ "Кандидатура Беслана Барателия представлена на должность Председателя Национального банка Республики Абхазия". Apsnypress. 26 December 2014. Retrieved 9 March 2015.
1 2 "Постановлением Парламента на должность Председателя Национального банка РА назначен Беслан Барателия". Apsnypress. 29 December 2014. Retrieved 9 March 2015.
1 2 Lakoba, Stanislav. "Кто есть кто в Абхазии". Retrieved 20 January 2012.

External links

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Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of the Caribbean Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

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