Thursday, June 17 2010 18:14
Chairman of Armenia's CB to attend the celebrations of the 150th birthday of the Bank of Russia
ArmInfo. Chairman of the Central Bank of Armenia Artur Javadyan will go to Moscow June 17 to attend the celebrations of the 150th birthday of the Bank of Russia and to take part in an international forum on central banks and global economy development.
The press service of the CBA reports that heads of central/national banks from 30 countries will attend the events. Chairman of the Bank of Russia Sergei Ignatyev, President of the European Central Bank Jean-Claude Trichet, Governor of the Bank of England Mervin King, Governor of the Bank of Finland Erkki Liikanen, First Deputy Managing Director of the International Monetary Fund John Lipsky will make reports during the forum.
The State Bank - the main bank in pre-revolutionary Russia - was founded in 1860. The official birthday of the bank is May 31 1860, when the State Bank of the Russian Empire was established "for stimulating the industry and trade."
After the October Revolution of 1917 the State Bank was renamed into the People's Bank of the Russian Republic and, later, the People's Bank of the RSFSR. For four years it was the only bank in Russia as all private banks had been merged into it. For many decades afterwards the bank was just a gear in the vast political machinery of the Soviet regime.
The new history of the Bank of Russia started June 13 1990, when it was reorganized from the Russian Republican Bank of the State Bank of the USSR into the Central Bank of the Russian Federation.
After the Aug 1990 coup the bank was renamed into the State Bank of the RSFSR.
In 1991-1992 the bank experienced rough times. A network of commercial banks was created on its basis. The State Bank of the USSR was abolished, the system of accounts was changed, a network of branches was created and computerized. The Bank of Russia started buying and selling foreign exchange and fixing official exchange rates, thereby, giving birth to the Moscow Interbank Currency Exchange, the fifth biggest stock exchange in Europe.
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