Bank of Russia is focused on the protection of the Ruble and its stability. The bank performs various functions, including issuing currency; elaborating and pursuing a single state monetary policy in interaction with the government of the Russian Federation; exercising its exclusive right to issue currency and manages currency circulation; operating as the lender of last resort for credit institutions and managing the system of refinancing them; setting the rules to effect settlements in the Russian Federation; setting the rules to conduct banking operations; managing various categories of budget accounts; making decisions on the state registration of credit institutions; supervising the activities of credit institutions and banking groups; registering the issue of securities by credit institutions; and conducting on its own or on the instruction of the Russian Government various kinds of banking operations. The organization’s other functions include organizing and implementing foreign exchange regulation and control in compliance with federal legislation; establishing the procedure for effecting settlements with international organizations and foreign states as well as legal entities and private individuals; setting the accounting and reporting rules for the Russian banking sector; setting and publishing the official exchange rates of foreign currencies against the ruble; participating in drafting the Russian balance of payments forecast; establishing the procedure and terms and conditions for the organization by foreign currency exchanges; analyzing and making forecasts on the state of the Russian economy; and performing other functions in pursuance of federal laws. Bank of Russia was founded in 1990 and is headquartered in Moscow, Russia.