Banking law. Interaction of the Bank of Russia with authorities, its international and foreign economic activities (the most important)

Lecture notes, cheat sheets
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Banking law. Interaction of the Bank of Russia with authorities, its international and foreign economic activities (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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20. Interaction of the Bank of Russia with authorities, its international and foreign economic activity

To implement the functions assigned to it, the Bank of Russia interacts with the Government of the Russian Federation, including:

1) the Central Bank of the Russian Federation participates in the development of the economic policy of the Government of the Russian Federation;

2) The Chairman of the Central Bank of the Russian Federation or, on his instructions, one of his deputies:

a) participates in meetings of the Government of the Russian Federation;

b) may take part in meetings of the State Duma when considering draft laws relating to issues of economic, financial, credit and banking policy;

3) The Central Bank of the Russian Federation and the Government of the Russian Federation inform each other about the proposed actions of national importance, coordinate their policies, and hold regular mutual consultations.

At the same time, the Bank of Russia is not entitled to:

1) provide loans to the Government of the Russian Federation to finance the federal budget deficit;

2) to buy government securities at their initial placement, except for those cases when it is provided for by the federal law on the federal budget;

3) provide loans to finance deficits in the budgets of state non-budgetary funds, budgets of constituent entities of the Russian Federation and local budgets.

The Bank of Russia in its work interacts with the Ministry of Finance of the Russian Federation:

1) the Central Bank of the Russian Federation advises it on the issues of the schedule for the issuance of government securities of the Russian Federation and the repayment of the state debt of the Russian Federation, taking into account their impact on the state of the banking system of the Russian Federation and the priorities of the unified state monetary policy;

2) the Minister of Finance of the Russian Federation and the Minister of Economic Development and Trade of the Russian Federation, or on their behalf, on one of their deputies, participate in meetings of the Board of Directors with an advisory vote;

3) The Central Bank of the Russian Federation and the Ministry of Finance of the Russian Federation, if necessary, conclude agreements on carrying out the above operations on behalf of the Government of the Russian Federation.

Funds from the federal budget and state off-budget funds are kept in the Bank of Russia, unless otherwise provided by federal laws.

The Central Bank of the Russian Federation, without charging a commission, carries out operations with the funds of the federal budget, state off-budget funds, budgets of the constituent entities of the Russian Federation and local budgets, as well as operations to service the state debt of the Russian Federation and operations with gold and foreign exchange reserves.

In accordance with the law, the Bank of Russia in the international sphere has the right to:

1) represent the interests of the Russian Federation in relations with the central banks of foreign states, as well as in international banks and other international monetary and financial organizations;

2) open representative offices in the territories of foreign states;

3) request the central bank and the banking supervisory authority of a foreign state to provide information or documents received from credit institutions in the course of performing supervisory functions. With regard to the information and documents received, the Central Bank of the Russian Federation is obliged to comply with the requirements for the disclosure of information and the provision of documents, taking into account the requirements established by the laws of foreign states;

4) provide the banking supervisory authority of a foreign state with information or documents that do not contain information about the operations of credit institutions and their customers, provided that the said banking supervisory authority ensures the security of information that complies with the requirements established by the legislation of the Russian Federation for ensuring the security of information.

The Central Bank of the Russian Federation issues permits for the creation of credit institutions with foreign investments and branches of foreign banks, and also accredits representative offices of foreign credit institutions in the territory of the Russian Federation.

Author: Belousov D.S.

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