This Bank of Russia Annual Report has been compiled pursuant to Article 25 of the Federal Law on the Central Bank of the Russian Federation (Bank of Russia). It reflects the results of the efforts made by the Bank of Russia in 2006 to ensure the stability of the ruble, upgrade and strengthen the banking system and ensure the effective functioning of the payment system. Bank of Russia annual financial statements, the auditor’s report and the report by the Audit Chamber of the Russian Federation are integral parts of this Report.