National Bank of the Republic of Abkhazia
The National Bank of the Republic of Abkhazia[1] (Abkhaz: Аԥсны 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.
| |||
| Headquarters | 384900, Leon Street 14, Sukhumi | ||
|---|---|---|---|
| Established | February 28, 1991 | ||
| Chairman | Vacant | ||
| Central bank of | Abkhazia[1] | ||
| Currency | Russian ruble, Abkhazian Apsar RUB (ISO 4217) | ||
| Website | www.nb-ra.org | ||
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 ruble 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 |
See also
References
- Abkhazia is the subject of a territorial dispute between the Republic of Abkhazia and Georgia. The Republic of Abkhazia unilaterally declared independence on 23 July 1992, but Georgia continues to claim it as part of its own sovereign territory and designates it as a territory occupied by Russia. Abkhazia has received formal recognition as an independent state from 7 out of 193 United Nations member states, 1 of which has subsequently withdrawn its recognition.
- 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.
- Kuchuberia, Anzhela (10 November 2004). В.Ардзинба уволил главу Центробанка Абхазии. Caucasian Knot (in Russian). Retrieved 15 April 2011.
- Kuchuberia, Anzhela (10 June 2005). "Избран новый председатель Национального банка Абхазии". Caucasian Knot. Retrieved 20 July 2012.
- "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.
- "Постановлением Парламента на должность Председателя Национального банка РА назначен Беслан Барателия". Apsnypress. 29 December 2014. Retrieved 9 March 2015.
- Lakoba, Stanislav. "Кто есть кто в Абхазии". Archived from the original on 12 May 2013. Retrieved 20 January 2012.