National Financial Board holds meeting

The National Financial Board (NFB) held a meeting on 30 June 2023 where it approved the additional volume of Bank of Russia capital investment for 2023 to modernise its payment system infrastructure. The NFB considered the Bank of Russia’s statement of personnel costs, pension provision, life and health insurance of Bank of Russia employees, capital investment and other general administrative costs over 2022, as well as Bank of Russia regulations on accounting in the Bank of Russia.

Participants in the meetings discussed measures to incentivise households’ long-term savings and investment, as well as the outcomes of the assessment by the Bank of Russia and credit institutions of the degree (level) of the risk of conducting suspicious transactions by credit institutions’ clients — legal entities and individual entrepreneurs.

When discussing the mandatory audit of the Bank of Russia Annual Financial Statements for 2023, the NFB approved a list of criteria for assessing the independence of an audit firm acting as the auditor of the Bank of Russia Annual Financial Statements.

At its meeting, the NFB reviewed the Bank of Russia Annual Report for 2022 and the 2022 Report of Limited liability company Fund of Banking Sector Consolidation Asset Management Company, as well as information from the Bank of Russia Board of Directors on the key issues of the regulator’s activities in 2023 Q1.

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04.07.2023 11.44.00