Moscow, August 24: According to reports coming in, the building that houses Russia’s Central Bank has caught fire in Moscow late on Friday. Firefighters have been dispatched to the scene. It is breaking news and further development is awaited.

The Central Bank of the Russian Federation also known as the Bank of Russia is the central bank of the Russian Federation, founded in 1860 as The State Bank of the Russian Empire, headquartered on Neglinnaya Street in Moscow. Its functions are described in the Russian constitution (Article 75) and in the special Federal Law.

The decision to create a State Bank of the Russian Empire was made by Emperor Peter III on May 1762, which was modeled on Bank of England and would have the right to issue bank notes.

In December 2014, amidst falling global oil prices, Western sanctions over the Ukraine crisis, capital flight, and fears of recession, the bank had increased the one-week minimum auction repo rate up by 6.5 points to 17 percent. This caused a run on the rouble, and on 29 January, the bank decreased the rate by two points to 15 percent.

In January 2015, the head of monetary policy, Ksenia Yudayeva, a proponent of strict anti-inflation policy, was replaced by Dmitry Tulin, who is "seen as more acceptable to bankers, who have called for lower interest rates".

(The above story first appeared on LatestLY on Aug 24, 2018 11:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).