Tasks and Objectives of the Interstate Bank

  • The Bank shall ensure the organization and coordination of bilateral and the implementation of multilateral interstate settlement operations between Central (National) banks for commercial and other operations and their periodic completion based on multilateral clearing (offset of mutual claims);
  • The Bank, within the scope of powers delegated to it by the respective (legislative and/or executive) authorities of the Contracting Parties, shall carry out the coordination of the monetary policy of the member states being parties to the Agreement, including the organization of management of the issue of national currencies in cash and the loan issue by the banks of the Contracting Parties;
  • The Bank shall promote effective and reliable operation of payment systems in all the member states. For this purpose, it shall coordinate the work on accounting, reporting, and payment instruments standardization, as well as settlement practices in all the member states of the Bank. It shall produce offers on the provision of commercial banks supervision policies;
  • The Bank shall provide short-term lending to Central (National) banks for the purpose of timely completion of settlements;
  • The Bank shall consider and review the economic condition of the Contracting Parties, prepare offers and recommendations to Central (National) banks on coordination of their monetary and foreign exchange policies;
  • In order to ensure that the Bank fulfills its functions and objectives, the Central (National) banks shall provide the latter with their balance sheets, balances of payments, and other data according to the form and at intervals as determined by the Bank’s Board. The Bank shall consolidate the data received and distribute the same among its members on a regular basis;
  • Upon the resolution of the Bank’s Board, the Bank shall carry out other banking transactions, in accordance with the goals and objectives of the Bank arising out of the Agreement Establishing the Reserve Interstate Bank and the Bank’s Articles of Association.