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.
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
Russianruble 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]
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.
Chairman 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]
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abThe political status of Abkhazia is disputed. Having unilaterally declared independence from
Georgia in 1992, Abkhazia
is formally recognised as an independent state by 5 UN member states (two other states previously recognised it but then withdrew their recognition), while the remainder of the international community recognizes it as as de jure Georgian territory. Georgia continues to claim the area as its own territory, designating it as
Russian-occupied territory.