|National Bank of Ruthenia|
Εθνική Τράπεζα της Ρουθηνία
|Central Bank of||Ruthenian Empire|
|Headquarters||Aiolou 86, Auronopolis|
The National Bank of Ruthenia (Hellenic: Εθνική Τράπεζα της Ρουθηνία) or the Central Bank of Ruthenia (Russian: κεντρική τράπεζα της Ρουθηνία) is the central bank of Ruthenian Empire. its founded in 3238 under the reign of Theodoros I
Under Ruthene law, half of the Central Bank's profit has to be channeled into the government's imperial budget.
In 3237, the Basileus Theodoros I expressed concern at the lack of a strong regulation in the country's monetary policy and excess costs caused by various provinces of the empire influenced by foreign ministers and by his wife Isavella created an "imperial statute of the establishment of national bank" being unanimously approved by parliament, the first imperial law revised by parliament since the establishment of a basileus in Ruthenia and began to take office on 3238.
The central bank would act independently but supervised by the imperial council and entitled to review in certain actions, the emperor could intervene in the activities of the bank when they were counterproductive to the imperial interest
President who commands the interests of the bank is selected by the Basileus and is given the dignity of Zygostates, the current chairman is Petrakis Kastanis
Role and Duties
According to the constitution, the National Bank is an independent entity, with the primary responsibility of protecting the stability of the national currency, the Drachma. It also holds the exclusive right to issue ruble banknotes and coins through the Imperial mint. The Central Bank issues commemorative coins made of precious and non precious metals as well as investment ones made of precious metals, which are distributed inside and outside the country. The coins of the Bank of Ruthenia are struck in the Auronopolis and Thracia mints. The Bank's headquarters are on Aiolou Street in the city of Auronopolis.
In its monetary policy decisions the Ruthenian Central Bank is less independent than many other central banks. Although the Law on the Central Bank states that the central bank performs its duties independently of other state organs, the law also says that the central bank plans and carries out monetary and financial policy in cooperation with the Imperial government. The Central bank annually prepares a basic outline of monetary and financial policy for the following three years, which is submitted to the government for discussion and presented to the Parliament. Its basic assumptions are consistent with the government’s economic forecasts. The central bank's monetary policy tools are listed as follows:
- interest rates on Central Bank operations
- reserve requirements
- open market operations
- refinancing of credit organisations
- currency interventions
- setting of money-supply targets
- direct quantitative restrictions
- bond issues
The Bank of Ruthenia is the main regulator of the banking industry. It is responsible for issuing banking licenses and setting rules of banking operations and accounting standards. The bank serves as a lender of last resort for credit organizations.