Bank of Russia submits its 2015 annual report to the State Duma

The annual report presents key outcomes of the Bank of Russia’s operations in focus areas and contains the assessment of external and internal factors which impacted on the outcomes. The document also includes annual financial statements of the Bank of Russia, together with the audit report and the Audit Chamber findings.

‘The year of 2015 was the time when the Russian economy was adjusting to the drop in the price of oil and other external shocks which first came about in 2014’, notes Bank Governor Elvira Nabiullina in the introduction. ‘In this context, the Bank of Russia was faced up with the real challenges of having to promote economic adjustment, rapid and as smooth as possible, to new reality, while at the same time seeking to drag down inflation and inflationary expectations, working towards securing stability in the banking and financial systems. The action strategy we have selected enables us to address these challenges’.

According to Elvira Nabiullina, as regards monetary policy, the Bank of Russia, following the principles of inflation targeting regime, sought to strike a balance of actions to fight inflation and to secure economic growth and financial stability.

The banking system has kept its stability and the capacities for lending to the economy, helped by regulatory easing in place for most part of the year.

Thanks to the steps the Bank of Russia made to ensure better detection of dubious transactions, there was a decline in the volumes of capital outflow / money laundering in the banking sector, the report says.

In 2015, much effort went into the strengthening of stability and credibility of various institutes in the financial market. This included actions to remove unscrupulous market participants from the market, to enhance financial market participants’ quality standards and to develop its infrastructure.

The regulator initiated large-scale reforms in the fields of regulation and supervision across all financial sector segments with a view to ensuring savings growth, their safety and risk resistance, so investment in the economy is supported, the document says.

In 2015, the Bank of Russia pioneered ‘Guidelines for the Development of the Russian Financial Market in 2016-2018’. This document of strategic importance is focused on the need to ensure that financial instruments promote the living standard and life quality of our citizens, economic development of Russian companies and regions and the economy as a whole.

‘The year saw the launch, as a milestone event, of Mir, the national payment system. Its name and logo were selected based on the nationwide competition results. Currently, all intra-Russia payment card transactions, including international ones, are processed through the National Payment Card System’, underlined the Bank of Russia Governor.

The submittal is due to be considered at the State Duma’s plenary session. The procedure involves the State Duma submitting the annual report to the RF President and to the RF Government for review.