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Bank of Russia Annual Report for 2017 (English Version)

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Bank of Russia Annual Report for 2017 (English Version) BANK OF RUSSIA ANNUAL REPORT FOR 2017 Moscow 2018 BANK OF RUSSIA ANNUAL REPORT FOR 2017 3 CONTENTS Opening remarks by the Governor of the Bank of Russia ..................................................................................13 Summary ............................................................................................................................................................15 I. THE STATE OF THE RUSSIAN FEDERATION ECONOMY ............................................................................19 I.1. The macroeconomic situation ......................................................................................................................22 I.1.1. External economic conditions .............................................................................................................22 I.1.2. Inflation and economic activity ...........................................................................................................25 I.1.3. Fiscal policy, government finance and domestic government debt ....................................................29 I.1.4. Balance of payments, international investment position, and external debt .......................................31 I.2. The financial sector ......................................................................................................................................36 I.2.1. Monetary aggregates and financial and commodity market conditions .............................................36 I.2.2. Financial market participants ..............................................................................................................42 I.2.2.1. Financial institutions ...........................................................................................................42 I.2.2.2. Financial market infrastructures and other participants ......................................................50 II. THE BANK OF RUSSIA’S ACTIVITIES ............................................................................................................55 II.1. Ensuring price stability .................................................................................................................................58 II.1.1. Monetary policy objectives and key measures ...................................................................................58 II.1.2. Monetary policy instruments ..............................................................................................................60 II.2. Ensuring financial market resilience.............................................................................................................64 II.2.1. Ensuring financial stability ..................................................................................................................64 II.2.1.1. Monitoring of financial stability risks ...................................................................................64 II.2.1.2. Macroprudential regulation measures to ensure financial stability .....................................68 II.2.2. Managing assets in foreign currencies and precious metals ..............................................................69 II.2.3. Access to the financial market ............................................................................................................74 II.2.3.1. Credit institutions ................................................................................................................74 II.2.3.2. Non-governmental pension funds ......................................................................................76 II.2.3.3. Insurance entities ...............................................................................................................77 II.2.3.4. Microfinance market entities ...............................................................................................78 II.2.3.5. Other participants ...............................................................................................................79 II.2.3.6. National payment system participants ................................................................................80 II.2.3.7. Financial instruments .........................................................................................................81 II.2.4. Regulation and supervision ................................................................................................................83 II.2.4.1. Credit institutions, banking groups, and bank holding companies .....................................84 II.2.4.2. Non-governmental pension funds ......................................................................................91 II.2.4.3. Insurance entities ...............................................................................................................93 II.2.4.4. Microfinance market entities ...............................................................................................96 II.2.4.5. Other participants ...............................................................................................................98 II.2.4.6. National payment system participants ..............................................................................106 II.2.5. Financial rehabilitation of financial institutions .................................................................................107 II.2.6. Termination of financial institutions ..................................................................................................111 II.2.7. Countering malpractice in the financial market ................................................................................114 II.2.8. Foreign exchange regulation and foreign exchange control .............................................................117 BANK OF RUSSIA ANNUAL REPORT 4 FOR 2017 II.2.9. Countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism .........................................................................................................118 II.2.10. Improving financial and commodity market instruments and infrastructure ...................................120 II.2.11. Improving the accounting and the accounting (financial) statements of financial institutions ........122 II.3. Expanding financial inclusion for households and businesses .................................................................124 II.3.1. Financial consumer and investor protection .....................................................................................124 II.3.2. Increasing financial literacy of the population ...................................................................................129 II.3.3. Expanding financial inclusion ...........................................................................................................131 II.3.4. Regulation, control and supervision of corporate relations ..............................................................135 II.3.5. Development of the bond and syndicated loan market ....................................................................137 II.4. Development of the national payment system ...........................................................................................139 II.4.1. Cash circulation management ..........................................................................................................139 II.4.2. Development of national payment instruments ................................................................................141 II.4.3. Development of the Bank of Russia payment system ......................................................................142 II.4.4. Development of other payment systems ..........................................................................................143 II.5. Technology development and innovation support in the financial market.................................................144 II.5.1. Development of financial technologies .............................................................................................144 II.5.2. Development of electronic interaction mechanisms .........................................................................146 II.5.3. Ensuring information security and enhancing cyber resilience ........................................................147 II.6. Other activities ..........................................................................................................................................149 II.6.1. Information policy .............................................................................................................................149 II.6.2. Economic research...........................................................................................................................151 II.6.3. Statistical activities ...........................................................................................................................155 II.6.4. International cooperation ..................................................................................................................156 II.6.5. Bank of Russia stakeholdings in Russian economic entities ............................................................161 II.6.6. Bank of Russia stakeholdings in credit institutions undergoing financial rehabilitation ....................163 II.6.7. Bank of Russia stakeholdings in international organisations ...........................................................164 II.6.8. Improving legislation .........................................................................................................................165
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