Go to ...

The Newspapers

Gathering and spreading news from various Russian Newspapers

The Newspapers on Google+The Newspapers on LinkedInRSS Feed

Sunday, February 25, 2018

“Nabiullina has presented the most outlandish report in the history: without a single digit”

The head of the Central Bank Elvira Nabiullina on Thursday managed to surprise even accustomed to all government officials. Her report on the development trends of the financial market of the Russian Federation in 2016-2018 does not actually contain any numbers. In vain the Deputy Prime Ministers Arkady Dvorkovich and Olga Golodets called on to name at least the key indicators to evaluate risks and to explain to people, “what we strive for in the future.” Elvira Nabiullina was adamant: the Central Bank knows what it is doing for the stability of the financial system can not worry.

Photo: government.ru .

The law on Bank of Russia requires the regulator once in three years to prepare a report on the main directions of development of the financial market in the country. The Central Bank undertook such a document for the first time and, according to Nabiullina, has done a great job.

Developed a strategy (as, however, and any document coming from the pen of the officials) should contribute to improving the quality of life of citizens and economic growth, and create conditions for strengthening positions of the Russian financial system, which so far occupies only 95 out of 140 possible. Primarily due to the low sustainability performance of banks and the availability of cheap long-term funds for the economy.

Dmitry Medvedev has complained that, although the range of financial products every year becoming more diverse, provided by the banks services are not always clear to consumers. Hence, the growing defaults on loans and the exchange of food riots, which became a headache for the government. “We need to make people aware of their rights and obligations, took responsible choices, correctly identify the level of risk, including the risk of currency fluctuations, and evaluated the possible legal consequences of their actions”, — said the Prime Minister. The skills of financial literacy of Russians, according to the Lady, must purchase almost from a school bench. “Textbook for secondary schools has been prepared, now it is planned to create a special information resource”, — reported the head of the Central Bank. So citizens are not confused and does not bite on the tempting ads, the Bank of Russia intends to bring all financial products offered by commercial organizations to the same standard. This will allow customers to compare their offers and choose the best for yourself. However, the portion of the financial instruments, according to Nabiullina, are so complex that should be available only to qualified investors. However, she did not specify exactly what products we have in mind and how the Central Bank plans to cut players who do not have sufficient skills.

For the real sector of the economy is good news at the head of the Central Bank in connection with the development of the strategy was not found. Foreign markets remain closed for business. A possible internal Bank lending is limited due to the lack of capital (and also — but the head of the Central Bank, of course, silent — due to the high key rate set by the regulator). Last year banks received dopsredstv from the state, however, the new anti-crisis plan stipulates support for financial institutions. According to Nabiullina, the current conditions becomes extremely urgent task of the development of the bond market, however, no targets not named. In its report, in principle, there was not a single (!) figures. No forecast on interest rates on loans, which is the Achilles heel of the domestic financial market, or assess the risk of mass withdrawal of deposits in case of deterioration of the economic situation. In General no specifics.

The first was surprised Arkady Dvorkovich, Minister asked to name at least some of the key figures to “make it clear what we are aiming at in the proper perspective.” But apart from gratitude for offering nothing new from the head of the Central Bank did not hear. Then to the discussion connected social Deputy Prime Minister Olga Golodets. According to her, the population continuously poses the question about the availability of consumer credit, exactly the same as the entire business sector raises the question of the availability of conventional loans and about the reliability of placing funds, etc. “the people want options, and from this concept they don’t follow”, — said the Golodets, inviting the government to take two weeks for discussion of targets. However, Dmitry Medvedev the fears of colleagues did not support. All kinds of improvements can be made during the consultation are considered by the Prime Minister, inviting the Cabinet to approve the creation of the bankers.


Related posts:
The UN spoke about the difficulties of chemical disarmament in Syria
The defense Ministry will receive MLRS "Tornado-s" in 2017
The US President is ready to meet with the DPRK leader
The Prime Minister of Japan still believes that the dialogue with the DPRK useless


More Stories From Politics