Bank of Russia goes to schools

Classes still go on, and Bank of Russia officials go to schools.

The other day senior high school students from Moscow school No. 2105 were given insight into how to identify financial pyramids and not to get trapped by them. The class was conducted by Valery Lyakh, in charge of Bank of Russia Main Office for Countering Malpractice in the Open Market.

Over fifty nine and ten graders, mainly those interested in economics and who attend extracurricular classes on economics joined the meeting. The Bank of Russia has specifically developed a presentation ‘What is Financial Literacy?’ which is widely used by the lecturers. While showing slides, Valery Lyakh started with building a logical chain: financial literacy – profits – possibility to practice what you want. However, the first chain is self-discipline which is a must to achieve even a modest financial goal, Bank of Russia official said. ‘Of special importance are prioritisation and risk control,’ – Valery Lyakh stated and proceeded with financial pyramids, their harmfulness to a family budget and their basic features which help identify law breakers. ‘Quick and easy money does not exist,’ - said the guest. - ‘As a rule, such promises are nothing else but a routine trap for human greed and poor knowledge of financial instruments.’

Financial instruments was a separate topic, and Valery Lyakh explained to the audience in detail where to invest and to take loans from, how to insure one’s property or to make pension savings. When answering students’ questions, the regulator’s representative reiterated that a reputable bank is always ready to adjust and to streamline its activity to please its clients; however it is very important to distinguish between new banking services and fraud schemes.

In Moscow alone Bank of Russia classes took place in 31 schools.