National Financial Board
The National Financial Board (NFB) is a collegiate body of the Bank of Russia acting on the basis of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.
The National Financial Board is comprised of 12 members, of whom two are delegated by the Federation Council, three by the State Duma, three by the Russian Federation President and three by the Russian Federation Government. The National Financial Board also includes the Governor of the Bank of Russia. The NFB members, with the exception of the Governor of the Bank of Russia, do not work in the Bank of Russia on a full-time basis and do not receive any remuneration for these activities.
The National Financial Board is generally managed by the Chairman of the NFB, who is elected by a majority of the votes of the total number of NFB members.
The National Financial Board takes decisions by a majority of the votes of the number of NFB members present, with a quorum of seven; should the votes be equally divided, the Chairman of the meeting has the deciding vote. National Financial Board meetings are held at least once every three months.
The scope of competence of the NFB includes the considering of Bank of Russia annual reports, draft guidelines for the single state monetary policy, the Strategy for the Development of the National Payment Cards System, issues pertaining to the development and upgrading of the banking system and the financial market as a whole, considering on a quarterly basis the Board of Directors’ information on the main issues relating to the activities of the Bank of Russia, and appointing an audit firm to conduct a mandatory audit of Bank of Russia annual financial statements.
Composition of the National Financial Board:
- Anton Siluanov, Minister of Finance of the Russian Federation, Chairman of the National Financial Board.
- Elvira Nabiullina, Governor of the Bank of Russia, Deputy Chairman of the National Financial Board.
- Anatoly Aksakov, Chairman of the State Duma Committee on Financial Market.
- Sergey Gavrilov, Chairman of the State Duma Committee on Ownership, Land and Property Relations.
- Nikolay Zhuravlev, Deputy Chairman of the Federation Council of the Federal Assembly of the Russian Federation.
- Andrey Makarov, Chairman of the State Duma Committee on Budget and Taxes.
- Maksim Oreshkin — Aide to the President of the Russian Federation.
- Maksim Reshetnikov, Minister of Economic Development of the Russian Federation.
- Mukharby Ulbashev, Deputy Chair of the Federation Council Committee on the Budget and Financial Markets.
- Ivan Chebeskov, Deputy Minister of Finance of the Russian Federation.
- Yury Chikhanchin, Director of the Federal Financial Monitoring Service.
Legal framework for the activities of the National Financial Board of the Bank of Russia:
- Article 12 of Federal Law No.
86-FZ, dated 10 July 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’. - Article 13 of Federal Law No.
86-FZ, dated 10 July 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’.