Bank of Russia systematises macroprudential policy approaches
In 2025, the Bank of Russia has notably expanded the range of macroprudential policy tools applied to reduce risks to the financial system.
Namely, the regulator has started to set limits for mortgages and car loans and use add-ons to reduce risks to large highly leveraged companies. In addition, it has introduced a positive rate of the countercyclical buffer for the first time. To show how all of the above tools work in synergy, the Bank of Russia has prepared the report Main Macroprudential Policy Approaches, which systematises the main principles of their use, taking into account the experience accumulated since 2013.
The publication describes how the Bank of Russia identifies systemic risks, makes decisions at various stages of a financial cycle, and explores the interrelations between different tools. The paper also explains why macroprudential policy cannot be used as a tool to ensure price stability.
Decisions regarding all of the tools applied are considered comprehensively on a quarterly basis to factor in their combined effect on financial institutions. Starting from 2026, the Bank of Russia will publish the schedule of the Board of Directors’ macroprudential policy meetings on its website.