National Financial Board holds meeting

The National Financial Board (NFB) considered the draft Monetary Policy Guidelines for 2024–2026 and reviewed the information from the Bank of Russia Board of Directors on the key issues of the regulator’s activities in 2023 Q3, as well as the report on the results of consideration by the NFB of additional issues regarding the audit of annual financial statements of the Bank of Russia for 2022.

The meeting participants discussed the situation in the consumer lending market, the results of applying macroprudential limits, including implementing an approach to limit unsecured lending, improving macroprudential regulation and supervision, and also countering fraudulent practices of money theft using social engineering methods.

The National Financial Board recognised TSATR — Audit Services LLC and FinExpertiza LLC as complying with the requirements for the independence of audit firms to conduct a mandatory audit of the Bank of Russia’s annual financial statements for 2023 and decided to propose a consortium of these auditors to conduct the said audit.

During the meeting, the NFB members also discussed the issues of improving regulation in the insurance market and regulation of outsourcing and cloud services in the financial market.

The NFB approved Bank of Russia regulations on accounting at the Bank of Russia.

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