Bank of Russia’s participation in IMF and World Bank’s Financial Sector Assessment Program in 2021
The Bank of Russia will participate in the Financial Sector Assessment Program (FSAP) carried out by the International Monetary Fund jointly with the World Bank.
The FSAP was established in 1999 by the IMF and the World Bank in order to enhance monitoring in the international financial system. FSAP assessments include two components: a financial stability assessment and a financial development assessment. In addition to the remote analysis of regulation and supervision practices in a jurisdiction’s financial sector, IMF and World Bank experts also conduct detailed interviews with representatives of the regulators, the public and private sectors.
Since 2010, financial stability assessments under the FSAP are mandatory and supposed to take place every five years in jurisdictions with systemically important financial sectors, including the Russian Federation. Last time, Russia’s financial sector was assessed under the FSAP in
In 2021, IMF experts are going to analyse systemic risks, macroprudential policy instruments, and regulatory and supervisory practices in banking and the securities market and assess instruments for managing crisis situations, etc.
Besides the work with the Bank of Russia, IMF and World Bank experts are also going to communicate with public and private sectors’ participants.
Following the FSAP 2021 assessment, IMF and World Bank experts will prepare final reports on the situation in the Russian financial sector. The reports are expected to be released in late 2021—early 2022.
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24.02.2021 00.00.00