Central Bank Independence in Transition Economies

W. Maliszewski 

CASE Foundation 

48

passed by the Parliament in December 1990. In January 1992 the CBR took over all 

activities of the State Bank of the USSR. The law was considerably amended in April 

1995. 

11A. Governing Bodies and Financial Management 

The CBR is managed by the Chairman and the Board of Directors (Art. 11). The 

Chairman is appointed and dismissed by the Parliament on the recommendation of the 

President for four years period (Art. 12). The Chairman may be dismissed for his own 

request, in case of loss of ability to perform his duties, crime or violating the federal 

law related to Central Bank activity. Twelve other members of the Board of Directors 

are appointed by the Parliament on recommendation of the Chairman of the Bank who 

consults with the President of the Russian Federation (Art. 13). Members of the Board 

may be dismissed by the Parliament on recommendation of the Chairman (Art. 13). 

The Board member may not hold any office in other State institution nor be a member 

of any political party (Art. 17). Salaries of the management and the Bank's budget for 

the following year are decided by the Board of Directors (Art. 16).