Define the Russian banking system.

The Russian banking system is a complex and evolving network that plays a central role in the country’s economic development, financial stability, and integration into global markets. Historically shaped by the Soviet command economy and subsequently transformed during the 1990s' transition to a market-based economy, the Russian banking sector today operates under a dual-tier system regulated primarily by the Central Bank of Russia (CBR).

The first tier is the Central Bank of Russia itself. The CBR is responsible for the formulation and implementation of monetary policy, issuance of the national currency (the ruble), regulation and supervision of commercial banks, and maintaining financial stability. It also manages Russia’s gold and foreign exchange reserves and acts as a lender of last resort. The CBR is not just a regulatory body but a key player in ensuring liquidity in the financial system and in stabilizing the national currency. Its independence is legally guaranteed, although in practice it maintains close ties with the federal government.

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