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Bank of Russia Annual Report for 2018

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Bank of Russia Annual Report for 2018 ANNUAL REPORT 2018 MOSCOW Bank of Russia Annual Report for 2018 Approved by the Bank of Russia Board of Directors on 26 April 2019 Photo: I. Anisimov, A. Bogdanov, A. Ivasenko, E. Molchanov, M. Nazemtsev Published by Business News Agency PRIME 12 Neglinnaya Street, Moscow 107016 Official website of the Bank of Russia: www.cbr.ru Printed by ‘Tipografiya ‘Vozrojdenie’ © The Central Bank of the Russian Federation, 2019 Number of copies — 350. Order No. 355 Bank of Russia Annual Report 2 for 2018 Contents OPENING REMARKS BY THE GOVERNOR OF THE BANK OF RUSSIA 9 SUMMARY 11 THE STATE OF THE ECONOMY 1 OF THE RUSSIAN FEDERATION 19 1.1. The macroeconomic situation......................................................................................................... 23 1.1.1. External economic conditions .............................................................................................. 23 1.1.2. Inflation and economic activity ........................................................................................... 27 1.1.3. Fiscal policy, government finance and domestic government debt .............................. 32 1.1.4. Balance of payments, international investment position, and external debt ............... 35 1.2. The financial sector ..........................................................................................................................41 1.2.1. Monetary aggregates and financial and commodity market conditions ........................41 1.2.2. Financial market participants ..............................................................................................48 1.2.2.1. Financial institutions ..............................................................................................48 1.2.2.2. Financial market infrastructures and other participants ..................................58 1.2.2.3. Competition in the financial market .................................................................... 63 THE BANK OF RUSSIA’S 2 ACTIVITIES 65 2.1. Ensuring price stability ....................................................................................................................69 2.1.1. Monetary policy objectives and key measures ..................................................................69 2.1.2. Monetary policy instruments .............................................................................................. 72 2.2. Ensuring financial market resilience ..............................................................................................77 2.2.1. Ensuring financial stability ....................................................................................................77 2.2.1.1. Monitoring of financial stability risks ....................................................................77 2.2.1.2. Macroprudential regulation measures to ensure financial stability ................. 83 2.2.2. Managing assets in foreign currencies and precious metals .........................................85 2.2.3. Access to the financial market ...........................................................................................90 2.2.3.1. Credit institutions ..................................................................................................90 2.2.3.2. Non-governmental pension funds ...................................................................... 92 2.2.3.3. Insurance entities .................................................................................................. 93 2.2.3.4. Microfinance market entities ...............................................................................94 2.2.3.5. Other participants .................................................................................................95 2.2.3.6. National payment system participants ..............................................................96 2.2.3.7. Financial instruments ............................................................................................ 97 2.2.4. Regulation and supervision .............................................................................................. 100 2.2.4.1. Credit institutions, banking groups, and bank holding companies ............... 100 Bank of Russia Annual Report for 2018 3 2.2.4.2. Non-governmental pension funds .................................................................... 109 2.2.4.3. Insurance entities .................................................................................................. 111 2.2.4.4. Microfinance market entities .............................................................................. 114 2.2.4.5. Other participants ................................................................................................ 116 2.2.4.6. National payment system participants .............................................................126 2.2.5. Financial rehabilitation of financial institutions .............................................................. 127 2.2.6. Termination of financial institutions .................................................................................132 2.2.7. Countering malpractice in the financial market ..............................................................135 2.2.8. Foreign exchange regulation and foreign exchange control ....................................... 140 2.2.9. Countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism ..........................................................................................142 2.2.10. Improving financial and commodity market instruments and infrastructure ............145 2.2.11. Improving the accounting and the accounting (financial) statements of financial institutions .................................................................................................... 148 2.3. Expanding financial inclusion for households and businesses ................................................150 2.3.1. Financial consumer and investor protection ...................................................................150 2.3.2. Increasing financial literacy ................................................................................................158 2.3.3. Expanding financial inclusion ........................................................................................... 160 2.3.4. Improving corporate relations .......................................................................................... 166 2.3.5. Development of the bond market ................................................................................... 168 2.4. Development of the national payment system ........................................................................ 169 2.4.1. Cash circulation management .......................................................................................... 169 2.4.2. Development of national payment instruments ..............................................................171 2.4.3. Development of the Bank of Russia payment system .................................................. 172 2.4.4. Development of other payment systems ........................................................................173 2.5. Technology development and innovation support in the financial market ...........................174 2.5.1. Development of financial technologies ............................................................................174 2.5.2. Development of electronic interaction mechanisms ..................................................... 177 2.5.3. Ensuring information security and enhancing cyber resilience ...................................178 2.6. Other activities ............................................................................................................................... 181 2.6.1. Information policy ................................................................................................................ 181 2.6.2. Economic research ............................................................................................................ 184 2.6.3. Statistical activities ........................................................................................................... 188 2.6.4. International cooperation ................................................................................................. 190 2.6.5. Bank of Russia stakeholdings in russian economic entities ....................................... 196 2.6.6. Bank of Russia stakeholdings in credit institutions undergoing financial rehabilitation ....................................................................................................... 198 2.6.7. Bank of Russia stakeholdings in international organisations ...................................... 199 2.6.8. Improving legislation .........................................................................................................200 2.6.9. Addressing administrative and legal issues ...................................................................204 2.6.10. Addressing judicial issues ................................................................................................205 2.6.11. Data management in the Bank of Russia .....................................................................206 Bank of Russia Annual Report 4 for 2018 ORGANISATIONAL DEVELOPMENT 3 OF THE BANK OF RUSSIA 209 3.1. Personnel development ..................................................................................................................211 3.2. Process management
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