Financial Stability Review
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Background
Russia's economy and financial system are gradually adjusting to the sanctions.
The Bank of Russia regards it as a priority to maintain financial stability, the confidence of investors and depositors in the Russian financial system. The central objectives are to mitigate currency risks by gradually decreasing the use of ‘toxic’ currencies; to strategically reorient Russian infrastructure towards the markets of friendly countries; to timely phase out the regulatory easing; and to start building up buffers.
In addition, the regulator will continue to consider in its policy the impact of global risks through the current account channel and will focus on the situation in the emerging market economies (EMEs) given Russia’s reorientation towards their markets and use of their currencies in settlements.
Like the previous issue of the review, the current one covers the primary transmission channels of the sanctions’ shock to the Russian financial sector. It also presents an integral stability assessment of the banking sector and non-bank financial institutions.
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