National Financial Board holds meeting

The National Financial Board (NFB) held a meeting on 25 March 2024 where it examined the information from the Bank of Russia Board of Directors about the main aspects of the regulator’s activity in 2023 Q4 and assessed the independence of audit companies that had carried out the mandatory audit of the Bank of Russia’s annual financial statements and the quality of the audit.

The participants in the meeting discussed whether the financial sector is ready for switching to the predominant use of Russian software and electronic products and how to address possible issues connected with such transition. The NFB considered the progress of the implementation of projects within the taxonomy of projects of technological sovereignty and structural adaptation of the economy as well as of investment projects financed from equity funds.

The NFB approved the new Procedure for the Tender to Select the Auditor for the Bank of Russia’s Annual Financial Statements and the NFB’s Action Plan for 2024.

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