Russian Federation: Financial Sector Assessment Program: Technical Note-Macroprudential Policy
IMF Staff Country Reports, September 22, 2016
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- Russian Federation: Financial Sector Assessment Program: Technical Note-Macroprudential Policy
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Bibliographic details
- Published: September 22, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475538489.002
Summary and institutional framework
- Publication date: September 22, 2016
- Financial stability oversight responsibilities are shared between the Central Bank of Russia (CBR) and the high-level interagency National Council on Ensuring Financial Stability.
- The Technical Note discusses findings and recommendations from the Financial Sector Assessment Program for the Russian Federation in the area of macroprudential policy.
Recent macroprudential actions and effects
- In recent years, the CBR has used a number of macroprudential tools to address risks, mainly those stemming from retail lending.
- The CBR has tightened provisioning requirements and increased capital risk weights to curb excessive growth of unsecured consumer lending, which has helped banks better handle credit risk that materialized.
Key assessment and recommendations
- The Technical Note finds that while the CBR has actively used instruments to address retail lending risks, the legal framework is limited.
- Recommendation: The CBR law should be amended to provide for a more comprehensive set of macroprudential tools.
Subjects and keywords (as provided)
- Subjects: Correspondent banking, Financial sector policy and analysis, Financial sector stability, Financial services, Macroprudential policy, Macroprudential policy instruments, Systemic risk
- Keywords: bank, capital risk weight, CBR governor, CBR law, CBR regulation, CBR's responsibility, consumer lending, Correspondent banking, CR, Financial sector stability, Global, ISCR, lending, liquidity, Macroprudential policy, Macroprudential policy instruments, risk, Systemic risk