National Bank of the Republic of Abkhazia
Encyclopedia
The National Bank of the Republic of Abkhazia (The Bank of Abkhazia) (Abkhaz
: Аҧсны Аҳәынҭқарра Амилаҭтә Банк), also known by the short form of Bank of Abkhazia is the central bank of the Republic of Abkhazia. 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.
n 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.
Abkhaz language
Abkhaz is a Northwest Caucasian language spoken mainly by the Abkhaz people. It is the official language of Abkhazia where around 100,000 people speak it. Furthermore, it is spoken by thousands of members of the Abkhazian diaspora in Turkey, Georgia's autonomous republic of Adjara, Syria, Jordan...
: Аҧсны Аҳәынҭқарра Амилаҭтә Банк), also known by the short form of Bank of Abkhazia is the central bank of the Republic of Abkhazia. 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
Constructivist architecture
Constructivist architecture was a form of modern architecture that flourished in the Soviet Union in the 1920s and early 1930s. It combined advanced technology and engineering with an avowedly Communist social purpose. Although it was divided into several competing factions, the movement produced...
building on Leon Street in Sukhumi
Sukhumi
Sukhumi is the capital of Abkhazia, a disputed region on the Black Sea coast. The city suffered heavily during the Georgian-Abkhaz conflict in the early 1990s.-Naming:...
, Abkhazia's capital.
Primary actions of the Bank
Due to the use of the RussiaRussia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
n 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.
Declared functions of the Bank
- To develop and conduct, in cooperation with the Government of the Republic of AbkhaziaGovernment of the Republic of AbkhaziaThe Government of the Republic of Abkhazia is the de facto political leadership of the partially recognised Republic of Abkhazia.-Executive branch:...
, 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.