National Bank of the Republic of Abkhazia
Russian Ruble Abkhazian Apsar
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The National Bank of the Republic of Abkhazia ( Abkhaz Аҧсны Аҳәынҭқарра Амилаҭтә Банк; Russian Национальный банк Республики Абхазия ) is the central bank of the internationally recognized Republic of Abkhazia only by some states. It exists since 1995 and has its headquarters in Sukhumi, the capital of the country.
History and Structure
The National Bank of Abkhazia was founded on 11 February 1995. After the collapse of the Soviet Union, Abkhazia from Georgia, which claimed the region had seceded and reaches the de facto independence after a prolonged conflict until 1993. Then started in Abkhazia with the construction of its own state structures, so that in 1995 its own central bank was established.
The Abkhaz National Bank emerged from the former Soviet State Bank Gosbank whose branches located in Abkhazia and structures are assumed. However, it was not issue their own currency, but resulted in Abkhazia the Russian ruble.
After the independence of Abkhazia was recognized in 2008 by some states, led to the Abkhaz as a Apsar own currency. This is still, however, only in extremely small amounts in circulation and the exchange rate is tied to the ruble. The ruble is therefore still the generally accepted means of payment in Abkhazia. The Abkhaz National Bank is therefore working closely with the Bank Rossii, Russia's central bank.
The Abkhaz National Bank is governed by a board of seven members, the CEO is determined by the Abkhaz People's Assembly. Since 2005 Illarion Argun has held this position.