Central Bank Independence in Transition Economies

10D. Banking Supervision and Exchange Rate Policy 

The Bank is exclusively responsible for commercial banking supervision (Art. 

26) and sets the discount and refinancing rates for banking companies (Art. 23). 

Foreign exchange policy is conducted by the Bank in co-operation “with other State 

institutions” (Art. 32). 

 

11. Russia

13

 

The Central Bank of the Russia (CBR) was established in July 1990 on the basis 

of the Russian Republican Bank “Gosbank”. Law on the Central Bank of Russia was 

                                              

13

 Source: Law “On the Central Bank of RSFSR” (2 December, 1990). 

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