Bank of Russia submits 2020 Annual Report to State Duma
The key topic across all sections of the Report is the analysis of the implementation of anti-crisis measures by the Bank of Russia and their results. The document presents the main results of the regulator’s work and contains its annual financial statements and auditors’ reports.
‘While the financial system is usually the first to be affected by a crisis, this time it, on the contrary, has become a pillar of support to the real economy hit by the pandemic. As early as late March, we made the decisions to grant loan repayment holidays to both households and businesses. Owing to this restructuring, borrowers were able to postpone loan repayments until their incomes stabilise,’ Bank of Russia Governor Elvira Nabiullina emphasised in her address to readers.
Ms Nabiullina stressed that the Bank of Russia was also applying macroprudential policy instruments and introduced regulatory easing. These measures helped release banks’ capital to expand lending.
The results of the Bank of Russia’s work in recent years made it possible to implement accommodative monetary policy. The key rate was reduced to its record low of 4.25% per annum, which also helped make credit resources cheaper for the economy.
Financial institutions achieved continuity of operations. A particular focus was put on digitalisation, financial inclusion, and financial consumer protection.
‘In 2021, the Bank of Russia will continue to implement the policy ensuring price and financial stability, financial market development, and the financial system’s active support to the economy for it to restore and return to the sustainable growth path,’ said Elvira Nabiullina.
Simultaneously with its Annual Report, the megaregulator also releases The Bank of Russia’s Work: Results in Brief for the first time. The electronic version of this document is available on the Bank of Russia website. This convenient and compact format will help the general public better understand the key results of the Bank of Russia’s work.
The Bank of Russia’s Annual Report will be considered by the lower chamber of the Parliament at a plenary session. The State Duma also forwards the Report to the President and the Government of the Russian Federation.