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The Central Bank approved plans for the banking sector development in the next few years
Practical Law UK Legal Update 2-504-2881 (Approx. 2 pages)
The Central Bank approved plans for the banking sector development in the next few years
by White & Case LLP
| Published on 22 Dec 2010 • Russian Federation |
This article is part of the PLC Global Finance December 2010 e-mail update for the Russian Federation.
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On 12 November 2010, the Board of Directors of the Central Bank approved "Guidelines for a Unified State Monetary Policy for 2011-2013" and were published in the Central Bank Herald on 9 December 2010.
On 12 November 2010, the Board of Directors of the Central Bank approved "Guidelines for a Unified State Monetary Policy for 2011-2013". The Guidelines were published in the Central Bank Herald on 9 December 2010.
The Guidelines provide an overview of economic development in the Russian Federation in 2010 and plans for economic development in 2011 – 2013. The principal goals include the reduction of inflation rates to 5-7% and the maintenance of stability of the financial system.
The Central Bank will continue to develop the banking sector and banking supervision. The Central Bank's priority measures include, among others:
- Development of tools for financial rehabilitation of credit organisations with the participation of the Deposit Insurance Agency.
- Improvement of the Central Bank inspection activities to ensure fuller data is received on the risks assumed by credit organisations and the real condition of their assets.
- Legislative developments regarding capital adequacy rules to bring them into line with Basel documents, as well as the appointment of Central Bank representatives to key banks.
In addition, the Central Bank will take measures aimed at the improving the financial markets and payment system. In particular, it will participate in elaborating legislation on liquidation netting and the national payment system, and work on the development of a national standard of financial messages.