Functions of the Bank of Abkhazia

The Bank of Abkhazia shall fulfill the following functions:

it shall elaborate and pursue in collaboration with the Government of the Republic of Abkhazia a single state monetary policy;
it shall be the issuer of cash money and organizer of cash turnover;
it shall be the last-resort creditor for credit institutions and it shall organize the system to refinance them;
it shall set the rules to effect settlements in the Republic of Abkhazia;
it shall set the rules to conduct banking operations, accounting and reporting for the banking sector;
it shall carry out the state registration of credit institutions, issue banking licences to credit institutions and audit firms and revoke them;
it shall supervise the activities of credit institutions;
it shall register the issue of securities by credit institutions in compliance with the laws;
it shall conduct on its own behalf or on behalf of the Government of the Republic of Abkhazia all kinds of banking operations necessary for the fulfillment by the Bank of Abkhazia of its objectives;
it shall exercise foreign exchange regulation including operations to buy and sell foreign exchange; it shall establish the procedure for effecting settlements with foreign states;
it shall organize and exercise foreign exchange control in compliance with the legislation of the Republic of Abkhazia; it shall implement measures to prevent money laundering and financing of terrorism;
it shall participate in making a forecast of the Republic of Abkhazia balance of payments and organize the compilation of the Republic of Abkhazia balance of payments;
it shall analyze and forecast the state of the Republic of Abkhazia economy, especially monetary and currency aspects, it shall publish the corresponding materials and statistical data;
it shall fulfill other functions in compliance with the laws of the Republic of Abkhazia.