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Legal status

 

The status, purposes, functions, powers and structure of the National Bank of the Republic of Abkhazia (the Bank of Abkhazia) are stipulated by the Constitution of the Republic of Abkhazia, the Law On the National Bank of the Republic of Abkhazia (the Bank of Abkhazia) and other laws.

The central body of the Bank of Abkhazia shall be based in Sukhum.

The authorized capital and other property of the Bank of Abkhazia shall be in ownership of the Republic of Abkhazia. The powers to own, use and manage the Bank of Abkhazia's property shall be exercised by the Bank of Abkhazia, in accordance with the objectives and using the procedure set by the Law On the National Bank of the Republic of Abkhazia (the Bank of Abkhazia). The buildings listed on the balance sheet of the Bank of Abkhazia shall not be subject to privatization.
The Bank of Abkhazia shall cover its expenses with its own revenues.

The Bank of Abkhazia shall be a legal entity. The Bank of Abkhazia shall have the stamp with the image of the National Emblem of the Republic of Abkhazia and its own name.

The state shall not be liable for the obligations of the Bank of Abkhazia and the Bank of Abkhazia shall not be liable for the obligations of the state unless they have assumed such obligations or unless the laws of the Republic of Abkhazia stipulate otherwise.

The Bank of Abkhazia shall be accountable to the President and the Peoples Assembly of the Republic of Abkhazia (the Peoples Assembly of the Republic of Abkhazia).

The Bank of Abkhazia Chairmen shall be appointed or dismissed by the Peoples Assembly of the Republic of Abkhazia at the proposal of the President of the Republic of Abkhazia.

Bank of Abkhazia within the powers, established by the Constitution of the Republic of Abkhazia and the laws of the Republic of Abkhazia, shall be independent. The bodies of state power and local self-government bodies shall have no right to interfere in the activities of the Bank of Abkhazia on the implementation of its lawful functions and powers, to take decisions that contradict this Law.

The President of the Republic of Abkhazia and the Peoples Assembly of the Republic of Abkhazia shall be informed of interference into the Bank of Abkhazia activities.

The Bank of Abkhazia shall be entitled to refer a claim to court in order to invalidate the legal acts of the bodies of state power and local self-government bodies.

On issues within its competence under this Law and other laws of the Republic of Abkhazia, the Bank of Abkhazia shall issue normative acts binding for the bodies of state power and local self-government bodies and all legal entities and private individuals.

The normative acts of the Bank of Abkhazia shall not contradict the laws of the Republic of Abkhazia and shall not be retroactive. Should the normative acts contradict the current legislation the President of the Republic of Abkhazia or the Peoples Assembly of the Republic of Abkhazia shall cancel these acts.

The normative acts of the Bank of Abkhazia shall come into force after their official release, unless the normative act stipulates otherwise.

Full texts of the Bank of Abkhazia normative acts shall be sent to all registered credit institutions whenever necessary by post or otherwise.

Bank of Abkhazia normative acts may be appealed against in accordance with the legal procedure.

Draft laws and draft normative acts of the bodies of executive power relating to the fulfilment by the Bank of Abkhazia of its functions shall be sent to the Bank of Abkhazia for its appraisal.

The Bank of Abkhazia shall not be entitled to participate in the capital of credit institutions except for the cases established by the law.

The Bank of Abkhazia shall not be entitled to participate in the capital of other organisations if they do not provide support to the activities of the Bank of Abkhazia and its institutions, organisations and employees, except for the cases established by laws.

The Bank of Abkhazia may participate in the capital and activities of international organisations that promote monetary and banking co-operation, including co-operation between central banks of foreign states.

Relations between the Bank of Abkhazia and credit institutions of foreign states are shall be established in compliance with international treaties, laws of the Republic of Abkhazia and interbank agreements.

The Bank of Abkhazia shall have an authorized capital of 370 500 000 rubles.

The Bank of Abkhazia shall create reserves and various funds in the amount necessary for fulfilling its functions, as well as reappraisal fund for currency values operations regardless of profit and loss.

The procedure for the creation and use of Bank of Abkhazia reserves and funds shall be established by its Governing Board.

       
         
 
Address: 384900, Leon Av. 14, Republic of Abkhazia, BIC 224100000
Tel: +7(840) 229-76-23 Fax: +7(840) 229-76-22; e-mail: info@a.nb-ra.org
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