National Bank of the Republic of Abkhazia


The National Bank of the Republic of Abkhazia, also known by the short form of Bank of Abkhazia is the central bank of the disputed region and partly recognized state of Abkhazia on the eastern coast of the Black Sea. It was established on February 28, 1991 since the adoption of the laws "On the National Bank of the Abkhaz SSR" and "On Banks and Banking of the Abkhaz SSR" passed by the Supreme Soviet of the Abkhaz SSR on February 28, 1991.
The Bank's headquarters are located in a constructivist building on Leon Street in Sukhumi, Abkhazia's capital.

Primary actions of the Bank

Due to the use of the Russian ruble in Abkhazia, the National Bank of Abkhazia exercises little control over the money supply in Abkhazia’s economy and has almost no influence on the value of the Russian currency. Its actions are primarily focused on registering commercial banks and making wholesale loans to them.

Declared functions of the Bank

On 10 November 2004, during the height of the post-election crisis, President Ardzinba dismissed Boris Zhirov as Chairman of the National Bank and temporarily appointed Vice-Premier Emma Tania in his stead. After Sergei Bagapsh won the January 2005 rerun, the People's Assembly voted to permanently appoint a Chairman. It first voted against the permanent appointment of Tania, before supporting on 10 June the nomination of Illarion Argun, former Chairman of Gagra Bank, with 29 votes in favour, 3 against and 3 abstentions.
On 1 August, Argun along with Jeiran Kirval, the National Bank's Chief Security Officer, died in a car crash on the coastal highway near Upper Eshera.
On 26 December, President Raul Khajimba nominated Head of the Economical Department of the Presidential Administration Beslan Baratelia as the new Chairman. On 29 December, Parliament elected him with 28 votes in favour and 1 against.
#NameFromUntilPresidentComments
Daur Barganjia19961998Vladislav Ardzinba
Boris Zhirov10 November 2004Vladislav Ardzinba
Emma Tania10 November 200410 June 2005Vladislav ArdzinbaActing
Illarion Argun10 June 200529 May 2011Sergei Bagapsh
Illarion Argun29 May 20111 June 2014Alexander Ankvab
Illarion Argun1 June 20141 August 2014Valeri BganbaDied in office
Beslan Baratelia29 December 2014presentRaul Khajimba