Bank of Russia
Bank of Russia Federation protects the ruble and guarantee its stability. The bank is independent of federal and local government and is the institution which issues the Russian currency the rouble in Russia and is responsible for the stability and circulation of the currency.
State Bank of the Russian Empire
The State Bank of the Russian Empire was founded in 1860 as Russia’s entire banking system was overhauled. The State Bank was a short-term commercial credit bank and, as its statute said, its aim was to boost trade turnovers and strengthen the monetary system. According to the Statute, it was a state-owned bank, intended for short-term credit of trade and industry.
The Central Bank of the Russian Federation
The Central Bank of the Russian Federation was established July 13, 1990 as a result of the transformation of the Russian Republican Bank of the State Bank of the USSR. The Central Bank of The Russian Federation’s functions are described in the Russian constitution and in the special Federal law.
Hacks at Russian central bank
The The Bank of Russia confirmed the cyberattacks and the extent of the losses to CNNMoney on Friday. Hackers had tried to steal 5 billion rubles, but the central banking authority managed to stop them and redirect the funds, according to central bank security executive Artiom Sychev. The central bank did not say when the cyberheists occurred, but said they took place over 2016. They also did not say how hackers moved the funds. But so far, the attack bears some similarity to a recent string of heists that has targeted the worldwide financial system.
Russian central bank cuts interest
The central bank cut its key interest rate by 50 basis points to 10 percent on Friday, saying that it made the decision given the inflation slowdown, in line with the forecast, decrease in inflation expectations and unstable economic activity. The central bank itself warned that it was unlikely to cut rates again before the end of the year. They also did not say how hackers moved the funds. But so far, the attack bears some similarity to a recent string of heists that has targeted the worldwide financial system.
