Banking in the Russian Federation

Central Bank of the Russian Federation
The Bank of The Russian Fedration (Russian: Банк России) or the Central Bank of The Russian Federation (Russian: Центральный банк Российской Федерации) is the central bank of the Russian Federation.

History
The bank traces its history back to 1723, when the Imperial Bank of the Russian Empire was founded in Sankt Petersburg. In 1927 it was officially changed to the State Bank of the USSR and moved its headquarters to Moscow.

The central Bank of the Russian Federation (Bank of Russia) was founded on July 13, 1992, on the basis of the State Bank of the USSR. Accountable to the Supreme Soviet of Russia, it was originally called the State Bank of Russia.

It is rumored that bank has control over extensive amounts of the former USSR gold and currency reserves that the Russian government claims was lost in the turmoil during the breakup of the USSR.

Monetary policy
It is responsible for the country's monetary policy, including the level of the shortest interbank interest rate. By influencing the rouble interest rate, it also influences the price of the rouble in terms of foreign currencies.

Owners
The Investment Bank of the Russian Federation was founded in 2005 and is owned 55% by the Russian government, 40% by GazProm and 5% by the Siberian company Sibir Gaz.

Investments
In 2005 the Bank declared assets of 179,68 trillion roubles (3,99 trillion €) in different government bonds, currency reserves, stocks and precious metal reserves. The IBRF is also, after the Bank of Russia, the second biggest creditor both in Russia and abroad, having financed large building projects in many parts of the world.

Management
The bank is administered by the Chairman of the Adminstration, who is appointed by the President of the Russian Federation

CreditRossiya/КредитРоссия
AO CreditRossiya is a bank owned to 100% by the IBRF and therefore a subsidiary of the IBRF. CreditRossiya handles most of the crediting and loans business of the IBRF.