Bank of Russia submits 2021 Annual Report to State Duma
This Annual Report of the Bank of Russia shows the state of the financial system at the moment when it reached the landmark where substantial structural shifts started in the economy and financial markets themselves, Bank of Russia Governor Elvira Nabiullina noted addressing the audience.
By 2022, all indicators, including revenues, capital and the quality of the loan portfolio, ensured high stability and a safety cushion. The advanced national exchange and payment infrastructure was another contributor supporting the smooth operation of the financial system in the context of further developments.
Since 2014, the Bank of Russia had been progressively expanding and diversifying its international reserves in order to have two safety cushions in actual fact — in the event of a financial crisis when the demand for US dollars and euros is high and in the event of a geopolitical crisis when Russia’s access to most reserve currencies might be restricted. ‘Today, even though Western countries have frozen our reserves in their currencies, Russia still has a sufficient amount of reserves in gold and Chinese yuan,’ the Bank of Russia Governor emphasised.
As stated by Elvira Nabiullina, in 2022, the Bank of Russia will pursue a policy protecting the economy, the financial system, and individuals’ incomes and savings against the tough sanctions and employ all necessary tools to mitigate risks to financial and price stability. ‘As the process of adjustment to the new conditions is complicated, it will inevitably cause a decline in GDP, but the Russian economy will be able to return to the growth path, develop production, create new jobs, and increase domestic investment. Financial stability and predictable dropping inflation are the key prerequisites for this, and the Bank of Russia will take all appropriate measures to achieve this,’ stressed Elvira Nabiullina.
The Annual Report presents the main results of the regulator’s activity, its financial statements, and audit reports, as well as, which is a feature of the 2021 document, a review of the key measures implemented in February—March 2022 to support people and businesses and stabilise the financial market.
Simultaneously with its Annual Report, the regulator will release a more compact document for the general public — The Bank of Russia’s Work: Results in Brief.
The Bank of Russia’s Annual Report will be considered by the lower chamber of the Parliament at a plenary session. The State Duma also forwards the Report to the President and the Government of the Russian Federation.