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Central Bank of Russia Studies U.S. Practices

On November 17-21, 2008, 12 representatives from the cash management, payments, and accounting departments of the Central Bank of Russia (CBR) took part in a study tour to New York and Washington, DC to learn how cash moves through the Federal Reserve and commercial bank systems in the U.S.

Organized by the Financial Services Volunteer Corps, with support from USAID and the Citigroup Foundation, the tour also examined issues related to anti-money laundering compliance, internal controls to ensure transparency and security in the cash management process, and oversight procedures and budget processes for large government agencies.

The delegation met with representatives of the Federal Reserve Board of Governors, the New York Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and private-sector experts. The study tour exposed CBR managers to sophisticated methods of cash management, with a particular emphasis on transparency and security. The meetings also helped strengthen the relationship between the CBR and major U.S. regulatory agencies.

Representatives from the Central Bank of Russia participate in a USAID-supported study tour in the U.S. on cash management.

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