Russian Federation Financial Sector Assessment Program : Macroprudential Policy
Financial stability oversight responsibilities are currently shared between the Central Bank of Russia (CBR) and a high-level inter-agency National Council on Ensuring Financial Stability (FSC). Given its role as the single financial regulator and...
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| Language: | English |
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Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/837481511169771122/Russian-Federation-Financial-sector-assessment-program-technical-note-macroprudential-policy http://hdl.handle.net/10986/28976 |
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okr-10986-289762021-05-25T10:54:40Z Russian Federation Financial Sector Assessment Program : Macroprudential Policy International Monetary Fund FINANCE ECONOMIC GROWTH PERFORMANCE MANAGEMENT REGULATION MACROPRUDENTIAL APPROACH MACROECONOMIC POLICY RISK ASSESSMENT BANKING OVERSIGHT Financial stability oversight responsibilities are currently shared between the Central Bank of Russia (CBR) and a high-level inter-agency National Council on Ensuring Financial Stability (FSC). Given its role as the single financial regulator and supervisor since September 2013, CBR has naturally become a macroprudential authority. In recent years, CBR has used a number of macroprudential tools to deal with risks, mainly those stemming from retail lending. An expanded use of macroprudential tools to establish adequate buffers could help safeguard financial stability in the medium term. The economy is highly exposed to swings in oil prices, which in turn may significantly affect financial conditions and amplify business cycles through macrofinancial linkages. In the medium term, greater volatility driven by oil price movements may warrant a larger buildup of buffers to protect banks against solvency risk. The CBR Law should be amended to provide for a more comprehensive set of macroprudential tools. Currently, the law does not provide a legal foundation for CBR to use the full set of recognized macroprudential tools, such as limits on loan-to-value (LTV) and debt service-to-income (DSTI) ratios, as well as on growth of certain credit. The current institutional arrangements appear to be functioning well, but some additional steps could be taken to support timely macroprudential actions in the future. CBR has the necessary technical capacity for systemic risk monitoring and assessment, but additional work is needed. CBR regularly publishes Financial Stability Review, which is indicative of strong analytical capacity. 2017-12-07T16:35:22Z 2017-12-07T16:35:22Z 2016-09 Report http://documents.worldbank.org/curated/en/837481511169771122/Russian-Federation-Financial-sector-assessment-program-technical-note-macroprudential-policy http://hdl.handle.net/10986/28976 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo International Monetary Fund Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work Europe and Central Asia Russian Federation |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
FINANCE ECONOMIC GROWTH PERFORMANCE MANAGEMENT REGULATION MACROPRUDENTIAL APPROACH MACROECONOMIC POLICY RISK ASSESSMENT BANKING OVERSIGHT |
| spellingShingle |
FINANCE ECONOMIC GROWTH PERFORMANCE MANAGEMENT REGULATION MACROPRUDENTIAL APPROACH MACROECONOMIC POLICY RISK ASSESSMENT BANKING OVERSIGHT International Monetary Fund Russian Federation Financial Sector Assessment Program : Macroprudential Policy |
| geographic_facet |
Europe and Central Asia Russian Federation |
| description |
Financial stability oversight
responsibilities are currently shared between the Central
Bank of Russia (CBR) and a high-level inter-agency National
Council on Ensuring Financial Stability (FSC). Given its
role as the single financial regulator and supervisor since
September 2013, CBR has naturally become a macroprudential
authority. In recent years, CBR has used a number of
macroprudential tools to deal with risks, mainly those
stemming from retail lending. An expanded use of
macroprudential tools to establish adequate buffers could
help safeguard financial stability in the medium term. The
economy is highly exposed to swings in oil prices, which in
turn may significantly affect financial conditions and
amplify business cycles through macrofinancial linkages. In
the medium term, greater volatility driven by oil price
movements may warrant a larger buildup of buffers to protect
banks against solvency risk. The CBR Law should be amended
to provide for a more comprehensive set of macroprudential
tools. Currently, the law does not provide a legal
foundation for CBR to use the full set of recognized
macroprudential tools, such as limits on loan-to-value (LTV)
and debt service-to-income (DSTI) ratios, as well as on
growth of certain credit. The current institutional
arrangements appear to be functioning well, but some
additional steps could be taken to support timely
macroprudential actions in the future. CBR has the necessary
technical capacity for systemic risk monitoring and
assessment, but additional work is needed. CBR regularly
publishes Financial Stability Review, which is indicative of
strong analytical capacity. |
| format |
Report |
| author |
International Monetary Fund |
| author_facet |
International Monetary Fund |
| author_sort |
International Monetary Fund |
| title |
Russian Federation Financial Sector Assessment Program : Macroprudential Policy |
| title_short |
Russian Federation Financial Sector Assessment Program : Macroprudential Policy |
| title_full |
Russian Federation Financial Sector Assessment Program : Macroprudential Policy |
| title_fullStr |
Russian Federation Financial Sector Assessment Program : Macroprudential Policy |
| title_full_unstemmed |
Russian Federation Financial Sector Assessment Program : Macroprudential Policy |
| title_sort |
russian federation financial sector assessment program : macroprudential policy |
| publisher |
Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/837481511169771122/Russian-Federation-Financial-sector-assessment-program-technical-note-macroprudential-policy http://hdl.handle.net/10986/28976 |
| _version_ |
1764468094778998784 |