DOCSLIB.ORG

Bank of Russia Annual Report for 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Bank of Russia Annual Report for 2019 ANNUAL REPORT 2019 MOSCOW Bank of Russia Annual Report for 2019 Approved by the Bank of Russia Board of Directors on 13 May 2020 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, 2020 Number of copies — 350. Order No. 1191 Bank of Russia Annual Report 2 for 2019 Contents OPENING REMARKS BY THE GOVERNOR OF THE BANK OF RUSSIA 9 SUMMARY 11 THE STATE OF THE ECONOMY 1 OF THE RUSSIAN FEDERATION 21 1.1. The macroeconomic situation ....................................................................................................... 25 1.1.1. External economic conditions ........................................................................................... 25 1.1.2. Inflation and conomice activity .........................................................................................30 1.1.2.1. Production activity ...............................................................................................30 1.1.2.2. Domestic demand and labour market ................................................................ 33 1.1.2.3. Inflation ................................................................................................................... 35 1.1.3. Fiscal policy, government finance and domestic government debt ............................ 38 1.1.3.1. Federal budget ......................................................................................................40 1.1.3.2. Budget system .......................................................................................................41 1.1.3.3. National Wealth Fund ........................................................................................... 42 1.1.3.4. Public debt ............................................................................................................. 43 1.1.4. Balance of payments, international investment position, and external debt .............44 1.2. The financial sector ........................................................................................................................50 1.2.1. Monetary aggregates and financial and commodity market conditions .....................50 1.2.2. Financial market participants.............................................................................................56 1.2.2.1. Financial institutions ............................................................................................56 1.2.2.2. Financial market infrastructures and other participants ................................. 67 1.2.2.3. Competition in the financial market ................................................................... 73 THE BANK OF RUSSIA’S 2 ACTIVITIES 77 2.1. Ensuring price stability .................................................................................................................. 83 2.1.1. Monetary policy objectives and key measures ............................................................... 83 2.1.2. Monetary policy instruments .............................................................................................86 2.2. Ensuring financial market resilience ..............................................................................................91 2.2.1. Ensuring financial stability ..................................................................................................91 2.2.1.1. Monitoring of financial stability risks ..................................................................91 2.2.1.2. Macroprudential regulation measures to ensure financial stability ...............96 2.2.2. Managing assets in foreign currencies and precious metals ........................................98 2.2.3. Access to the financial market .........................................................................................103 2.2.3.1. Credit institutions ................................................................................................103 2.2.3.2. Non-governmental pension funds .....................................................................105 Bank of Russia Annual Report for 2019 3 2.2.3.3. Insurance entities ............................................................................................... 106 2.2.3.4. Microfinance market entities ..............................................................................107 2.2.3.5. National payment system participants ............................................................ 108 2.2.3.6. Other participants ............................................................................................... 109 2.2.3.7. Financial instruments ........................................................................................... 111 2.2.3.8. Activity of the Bank of Russia complaint commission ................................... 114 2.2.4. Regulation .............................................................................................................................115 2.2.4.1. Credit institutions, banking groups, and bank holding companies ................115 2.2.4.2. Non-governmental pension funds ..................................................................... 119 2.2.4.3. Insurance entities ................................................................................................120 2.2.4.4. Microfinance market entities ...............................................................................121 2.2.4.5. National payment system participants .............................................................123 2.2.4.6. Other participants ................................................................................................124 2.2.5. Supervision ...........................................................................................................................131 2.2.5.1. Credit institutions, banking groups, and bank holding companies ................131 2.2.5.2. Non-governmental pension funds .....................................................................137 2.2.5.3. Insurance entities ................................................................................................138 2.2.5.4. Microfinance market entities ............................................................................. 140 2.2.5.5. National Payment System participants ............................................................ 141 2.2.5.6. Other participants ................................................................................................142 2.2.6. Financial rehabilitation of financial institutions .............................................................147 2.2.7. Termination of financial institutions ................................................................................154 2.2.8. Countering malpractice in the financial market .............................................................157 2.2.9. Foreign exchange regulation and foreign exchange control ........................................162 2.2.10. Countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism ........................................................................................ 164 2.2.11. Improving financial and commodity market instruments and infrastructure ............167 2.2.12. Improving the accounting and the accounting (financial) statements of financial institutions ......................................................................................................171 2.3. Expanding financial inclusion or householdsf and businesses ...............................................173 2.3.1. Financial consumer and investor protection ..................................................................173 2.3.2. Increasing financial literacy of individuals and small- and medium-sized enterprises ........................................................................................................................... 181 2.3.3. Expanding financial inclusion ........................................................................................... 184 2.3.4. Improving corporate relations .......................................................................................... 189 2.3.5. Development of the bond market ....................................................................................192 2.4. Development of the National Payment System ....................................................................... 194 2.4.1. Cash circulation management ......................................................................................... 194 2.4.2. Development of national payment instruments ........................................................... 196 2.4.3. Development of the Bank of Russia payment system ..................................................197 2.4.4. Development of other payment systems ....................................................................... 199 2.5. Technology development and innovation support in the financial market ..........................200 2.5.1. Development of financial technologies ..........................................................................200 2.5.2. Development of electronic interaction mechanisms ....................................................205 2.5.3. Ensuring information security and enhancing cyber resilience .................................. 207 Bank of Russia Annual Report 4 for 2019 2.6. Other activities ..............................................................................................................................208
Load more

Recommended publications
  • Russia's Nuclear Security Policy
    Innovative approaches to peace and security from the Stanley Foundation POLICYANALYSISBRIEF THE STANLEY FOUNDATION | MAY 2015 Russia’s Nuclear Security Policy: Priorities and Potential Areas for Cooperation The crisis over Ukraine has led to a drastic reduction in regular official Russian-US contacts in most areas, including those where it is in the two countries’ mutual national security interests to work together. Bilateral cooperation on nuclear nonproliferation and nuclear security has been among the affected areas. The United States has suspended contacts with Russia in the framework of the G-8 and in the Russian-US Bilateral Presidential Commission’s Nuclear Energy and Nuclear Security Working Group. Implementation of the September 2013 agreement on Cooperation in Nuclear- and Energy- Related Scientific Research and Development (R&D Agreement), which Anton Khlopkov prioritizes joint efforts on nuclear nonproliferation and nuclear security, has also been put on hold, and exchanges between nuclear scientists of the two Author countries have been frozen. In turn, Russia has decided not to take part in Anton Khlopkov1 is director of the preparations for the 2016 Nuclear Security Summit. Moscow also notified Moscow-based Center for Energy and Washington that most of the joint nuclear security projects in Russia would Security Studies and editor in chief of the not be extended beyond December 31, 2014. journal Nuclear Club. He is a member of the Advisory Board under the Security This trend is a serious cause for concern, given that Russia and the United Council of the Russian Federation and States, which are depositaries of the Treaty on the Non-Proliferation of chairman of the Moscow Nonproliferation Nuclear Weapons (NPT), bear special responsibility for maintaining the Conference.
    [Show full text]
  • Doing Business in Russia EY Sadovnicheskaya Nab., 77, Bld
    Doing business in Russia EY Sadovnicheskaya nab., 77, bld. 1 115035, Moscow, Russia Paveletskaya Pl., 2, bld. 2 115054, Moscow, Russia Tel: +7 (495) 755 9700 Fax: +7 (495) 755 9701 2 Doing business in Russia Introduction This guide has been prepared by EY Russia to give the potential investor an insight into Russia and its economy and tax system, provide an overview of forms of business and accounting rules and answer questions that frequently arise for foreign businesses. Russia is a fast-developing country and is committed to improving the investment climate and developing a better legal environment for doing business. On the one hand, this makes doing business in Russia an attractive prospect; on the other, it can make for difficult decisions both when starting a business and further down the line. EY provides assurance, tax, legal, strategy, transactions and consulting services in 150 countries and employs over 300,000 professionals across the globe1, including more than 3,500 employees in 9 offices in Russia. EY possesses extensive, in-depth knowledge of Russian realities and is always ready to come to the assistance of first-time and experienced investors alike. This guide contains information current as at March 2021 (except where a later date is specified). You can find more information about doing business in Russia as well as up-to-date information on developments in its legal and tax environment on our website: www.ey.com/ru. 1 Who we are – Builders of a better working world | EY — Global Doing business in Russia 1 2 Doing business
    [Show full text]
  • The Government of Russian Federation
    16/01/2017 RAP/RCha/RUS/6(2017) EUROPEAN SOCIAL CHARTER 6th National Report on the implementation of the European Social Charter submitted by THE GOVERNMENT OF RUSSIAN FEDERATION Articles 3, 11, 12 and 14 for the period 01/01/2012 - 31/12/2015 Report registered by the Secretariat on 16 January 2017 CYCLE 2017 Report on the implementation of European Social Charter (revised) Articles 3, 11, 12, 14. Ministry of Labour and Social Protection of the Russian Federation. 2016. Paragraph 1 Article 3. With a view to ensuring the effective exercise of the right to safe and healthy working conditions, the Parties undertake, in consultation with employers' and workers' organization: to formulate, implement and periodically review a coherent national policy on occupational safety, occupational health and the working environment. The primary aim of this policy shall be to improve occupational safety and health and to prevent accidents and injury to health arising out of, linked with or occurring in the course of work, particularly by minimizing the causes of hazards inherent in the working environment; During the report period 2010-2014 the realization of state policy in the sphere of occupational safety and health based on provisions of the Constitution, Labor Code of the Russian Federation, Federal Law № 52-FZ of 30.03.1999 "On the sanitary and epidemiological wellbeing of the population", Federal Law № 116-FZ 21.07.1997 "On industrial safety of dangerous production facilities", Federal law № 426-FZ 28.12.2013 "On special assessment of working conditions", the orders of the President and Government of the Russian Federation and it was implemented in accordance with the concept of demographic policy of the Russian Federation for the period till 2025 and other regulatory documents of the President and Government of the Russian Federation.
    [Show full text]
  • Russia in Figures. 2017: Statistical Handbook/Rosstat - M., 2017 - 511 P
    FEDERAL STATE STATISTICS SERVICE (Rosstat) RUSSIA IN FIGURES 2017 STATISTICAL HANDBOOK Moscow 2017 UDK 31(470) Editorial Board: A. Surinov - Chairman of the Editorial Board E. Baranov, N. Bugakova, M. Gelvanovsky, L. Gokhberg, S. Egorenko, V. Elizarov, V. Zhitkov, Yu. Ivanov, A. Kevesh, A. Kosarev, K. Laikam, I. Masakova, V. Nesterov, G. Oksenoit, O. Rybak, B. Ryabushkin, A. Tatarinov, A. Khoroshilov Russia in Figures. 2017: Statistical Handbook/Rosstat - M., 2017 - 511 p. ISBN 978-5-89476-436-8 The handbook contains information on the social and eco- nomic situation of Russia in 2016 as compared with the previous years. It presents data characterizing the state structure of the Russian Federation, production and use of the Gross Domestic Product. Information is published on the population, its employ- ment and money incomes. The handbook highlights problems of social field, results of R&D work and innovation activities, fin- ances, investments, prices and tariffs. Some materials are dedi- cated to situation in organizations of different economic activi- ties. Reflected are the external economic activities of the Rus- sian Federation. Selected international comparisons are also given. The handbook is intended for managerial personnel, man- agers and employees of enterprises and organizations, scientif- ic, entrepreneurial and banking circles, professors and lecturers, under-graduate and post-graduate students of higher economic education institutions and other users. UDK 31(470) ISBN 978-5-89476-436-8 Federal State Statistics Service, 2017 E-mail: [email protected] http://www.gks.ru PREFACE The concise statistical handbook comprises main indicators cha- racterizing socio-economic situation of Russia in 2016 as compared with a number of previous years.
    [Show full text]
  • WT/TPR/S/345/Rev.1 6 December 2016 (16
    WT/TPR/S/345/Rev.1 6 December 2016 (16-6657) Page: 1/173 Trade Policy Review Body TRADE POLICY REVIEW REPORT BY THE SECRETARIAT RUSSIAN FEDERATION Revision This report, prepared for the first Trade Policy Review of the Russian Federation, has been drawn up by the WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from the Russian Federation on its trade policies and practices. Any technical questions arising from this report may be addressed to Mr. John Finn (Tel: 022 739 5081), Mr. Ricardo Barba (Tel: 022 739 5088), Mr. Peter Milthorp (Tel: 022 739 5016) and Mr. Rosen Marinov (Tel: 022 739 6391). Document WT/TPR/G/345 contains the policy statement submitted by the Russian Federation. Note: This report was drafted in English. WT/TPR/S/345/Rev.1 • Russian Federation - 2 - CONTENTS SUMMARY ........................................................................................................................ 8 1 ECONOMIC ENVIRONMENT ........................................................................................ 13 1.1 Main Features of the Economy .....................................................................................13 1.2 Recent Economic Developments ...................................................................................14 1.3 Trade and Investment Performance ................................................................................18
    [Show full text]
  • Russia Legal Provisions
    Russia Legal Provisions Compiled by: SBH Russia Moscow, January 2018 GENERAL REMARKS Like Switzerland, the Russian Federation has three levels of government authority: the federal State, the so-called “subjects of the Federation” (republics, regions, etc.), and the municipalities (local self- government). The Russian Federation has 85 “subjects” including the cities of Moscow, Saint Petersburg and Sevastopol as cities of national importance (hereafter “Regions”) and approximately 22,000 municipalities. The legislation of the Russian Federation consists of the Constitution (adopted in 1993), federal laws and federal constitutional laws, presidential decrees, government resolutions and other regulatory acts. Laws must respect the Constitution. Presidential decrees, government resolutions and regulatory acts must be in conformity with federal laws. The Regions can enact legislation in those areas which are not within the exclusive authority of the federal State. They can also adopt regulatory acts on matters delegated by federal law. Regional legislation must comply with federal law. International treaties have precedence over national law. At the federal level laws are adopted by the Parliament (State Duma and Federation Council), presidential decrees and government resolutions by the President, respectively the Government. Other regulatory acts can be issued by ministries and various government agencies. Switzerland Global Enterprise – Legal Provisions 1/48 As a general rule laws and regulatory acts must be published. Since November 10, 2011, legislation is published (in Russian only) through the internet portal www.pravo.gov.ru and in “Rossiyskaya Gazeta” (www.rg.ru/doc). Most regulations adopted by ministries and agencies of the executive branch must be registered with the Ministry of Justice.
    [Show full text]
  • Russian Associated Gas Utilization: Problems And
    Russian Associated Gas Utilization: Problems and Prospects А. Knizhnikov, N. Poussenkova Annual Report within the Framework of the Project Environment and Energy: International Context Issue 1 Moscow • 2009 Russian Associated Gas Utilization: Problems and Prospects A.Yu. Knizhnikov – WWF-Russia N.N. Poussenkova – Institute of World Economy and International Relations of the Russian Academy of Sciences Issue 1 (working materials) for the annual review within the framework of the joint project of the Institute of World Economy and International Relations of the Russian Academy of Sciences and WWF-Russia “Environment and Energy. International Context” Please, send your comments on the Review to WWF-Russia: 19-3 Nikoloyamskaya Street, Moscow, 109240 e-mail: [email protected] Moscow, 2009 TABLE OF CONTENTS Russian Associated Gas Utilization: Problems and Prospects ..................................................................................... 2 1. Russian associated gas flaring volumes ....................................................................................................................... 2 2. Environmental and climatic implications of large-scale associated gas flaring .............................................................. 4 3. Financial implications of large-scale associated gas flaring .......................................................................................... 4 4. Potential ways to utilize associated gas ........................................................................................................................
    [Show full text]
  • Russian Academy of Sciences (Imemo Ran)
    INSTITUTE OF WORLD ECONOMY AND INTERNATIONAL RELATIONS RUSSIAN ACADEMY OF SCIENCES (IMEMO RAN) RUSSIA: ARMS CONTROL, DISARMAMENT AND INTERNATIONAL SECURITY IMEMO SUPPLEMENT TO THE RUSSIAN EDITION OF THE SIPRI YEARBOOK 2013 Preface by Alexander Dynkin Editors Alexei Arbatov and Sergey Oznobishchev Editorial Assistant Tatiana Anichkina Moscow IMEMO RAN 2014 УДК 327 ББК 64.4(0) Rus 95 Rus 95 Russia: arms control, disarmament and international security. IMEMO supplement to the Russian edition of the SIPRI Yearbook 2013 / Ed. by Alexei Arbatov and Sergey Oznobishchev. – M., IMEMO RAN, 2014. – 230 p. ISBN 978-5-9535-0403-4 The volume provides IMEMO contributions to the Russian edition of the 2013 SIPRI Yearbook: Armaments, Disarmament and International Security. The contributors address issues involving future of negotiations on strategic arms, European security debates, UN Security Council role in managing the Syrian crisis, history of Syrian chemical weapons and their destruction, dangers of international terrorism, contemporary information warfare, and Russia-CIS military cooperation. This year’s edition also highlights problems of technology transfer in Russia, military cooperation among BRICS countries, Luxembourg Forum’s nuclear tolerance initiative, and US-Russian cooperation beyond Nunn-Lugar program. To view IMEMO RAN publications, please visit our website at http://www.imemo.ru ISBN 978-5-9535-0403-4 © ИМЭМО РАН, 2014 CONTENTS PREFACE ........................................................................................... 7 Alexander
    [Show full text]
  • Nuclear Security Culture: the Case of Russia
    NUCLEAR SECURITY CULTURE: THE CASE OF RUSSIA Center for International Trade and Security The University of Georgia NUCLEAR SECURITY CULTURE: THE CASE OF RUSSIA © Center for International Trade and Security University of Georgia December 2004 nuclear security culture: the case of russia ABOUT THE CENTER FOR INTERNATIONAL TRADE AND SECURITY he Center for International Trade and Security (CITS) works to address the dangers posed by transfers of weapons of mass destruction (WMD) and WMD-related technology and materials. CITS seeks to Taccomplish its mission by: • Engaging and informing policymakers, industry representatives, educators, and the public, both in the United States and abroad, about dangers stemming from the trade in and theft of weapons and weapons components. CITS communicates these concepts through policy research, public forums, editorials, briefings, Internet publications, and the publication of a journal, The Monitor: International Perspectives on Nonproliferation • Facilitating international dialogue through exchanges of officials and experts that will promote greater cooperation in preventing the spread of dangerous weapons and technology • Establishing training programs for government officials and others in “best practices” for controlling, monitoring, and preventing the trade in WMD and related items • Preparing future leaders for careers in international security and nonproliferation The CITS Security Policy Program is focused on: • Improving understanding and awareness of the importance of training and motivating personnel responsible for protecting nuclear and other WMD-related materials • Promoting U.S.-Russian dialogue on nonproliferation and threat reduction • Facilitating U.S. assistance to Russia and the other former Soviet states through analysis of their nuclear and military-industrial complexes • Analyzing and strengthening security at WMD-related facilities internationally Center for International Trade and Security 120 Holmes/Hunter Academic Building University of Georgia Athens, GA 30602 Dr.
    [Show full text]
  • Annual Report 2018 ABOUT THIS REPORT 02
    AnnuAl RepoRt 2018 ABOUT THIS REPORT 02 1 / 2 ABOUT THIS REPORT Approach to the Report Boundaries of the Report Approval of the Report This Annual Report of Sberbank of Russia ¹ for 2018 (the “Report”) The financial data are presented in the Report Information on sustainable development is consoli- This Report received preliminary approv- in accordance with the IFRS consolidated financial dated by the major participants of the Group, which al by the Supervisory Board of Sberbank includes the performance results of Sberbank and its subsidiaries ² statements, unless otherwise specified in the text of have a significant impact on their regions of pres- (Minutes No. 11 of April 16, 2019). for the reporting period from January 1, 2018, to December 31, 2018. the Report. ence, and Sberbank Corporate University. The reliability of the data in the Report was con- Operational data are presented for PJSC Sberbank firmed by the Audit Committee of Sberbank. unless otherwise specified in the text of the Report. The Report has been prepared in accordance with In addition, the contents of the Report The Report was approved by the Annual General the legislation of the Russian Federation, including: comply with the following documents: Shareholder Meeting of Sberbank as of May 24, 2019 (Minutes No 32 as of May 29, 2019). ♦ Federal Law No. 39-FZ “On the Securities ♦ Requirements of the Moscow Stock The term “Group” as used in the sections “People: Nurturing New Skills in Effective Teams” Market” dated April 22,1996; Exchange on the preparation of annu- and “Impact on Society” includes Sberbank Corporate University and the following: al reports by joint stock companies; ♦ Federal Law No.
    [Show full text]
  • Russia Nuclear Chronology
    Russia Nuclear Chronology 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 2002 | 2001-2000 | 1999 | 1998 | 1997-1993 Last update: July 2010 This annotated chronology is based on the data sources that follow each entry. Public sources often provide conflicting information on classified military programs. In some cases we are unable to resolve these discrepancies, in others we have deliberately refrained from doing so to highlight the potential influence of false or misleading information as it appeared over time. In many cases, we are unable to independently verify claims. Hence in reviewing this chronology, readers should take into account the credibility of the sources employed here. Inclusion in this chronology does not necessarily indicate that a particular development is of direct or indirect proliferation significance. Some entries provide international or domestic context for technological development and national policymaking. Moreover, some entries may refer to developments with positive consequences for nonproliferation 2010 10 January 2010 UNIT OF VOLGODONSK POWER PLANT UNDERGOES EMERGENCY SHUTDOWN The first power unit of the Volgodonsk nuclear power plant in south Russia was shut down by an emergency protection system. Problems with a steam generator were the likely cause of the protection system activation. Rosenergoatom reported a normal level of background radiation at the plant. The Volgodonsk power plant began operating in 2001. It is situated some 1,000 km (621 miles) south of Moscow and has a single pressurized water reactor. —"Radiation Level Normal at Volgodonsk NPP After Emergency Shutdown," RIA Novosti, 1 January 2010, http://en.rian.ru; "Volgodonsk NPP Shuts Down First Power Unit in Emergency Mode," RIA Novosti, 1 January 2010, http://en.rian.ru.
    [Show full text]
  • NOT for DISTRIBUTION in OR INTO the UNITED STATES EXCEPT to QUALIFIED INSTITUTIONAL BUYERS (“Qibs”) AS DEFINED in RULE 144A (“RULE 144A”) UNDER the U.S
    IMPORTANT NOTICE: NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES EXCEPT TO QUALIFIED INSTITUTIONAL BUYERS (“QIBs”) AS DEFINED IN RULE 144A (“RULE 144A”) UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), THAT ARE ALSO QUALIFIED PURCHASERS (“QPs”) WITHIN THE MEANING OF SECTION 2(A)(51) OF THE U.S. INVESTMENT COMPANY ACT OF 1940 (THE “INVESTMENT COMPANY ACT”) OR OTHERWISE TO PERSONS TO WHOM IT CAN LAWFULLY BE DISTRIBUTED. IMPORTANT: You must read the following before continuing. The following applies to the attached prospectus (the “Prospectus”), and you are therefore advised to read this carefully before reading, accessing or making any other use of the Prospectus. In accessing the Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. If you have gained access to this transmission contrary to any of the following restrictions, you are not authorised and will not be able to purchase any of the securities described in the Prospectus (the “Securities”). You acknowledge that this electronic transmission and the delivery of the Prospectus is intended for you only and you agree you will not forward this electronic transmission or the Prospectus to any other person. Any forwarding, distribution or reproduction of this document in whole or in part is unauthorised. Failure to comply with the following directives may result in a violation of the Securities Act or the applicable laws of other jurisdictions. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO.
    [Show full text]