The head of the Central Bank listed the criteria for Russia’s financial sovereignty
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Bank of Russia Governor Elvira Nabiullina said that a country’s financial sovereignty means that its financial system is resilient to “external shocks.” One of the elements of sovereignty, she said, is the conduct of an independent monetary policy, which the regulator adheres to.
Speaking in the State Duma when considering the annual report of the Bank of Russia for 2022, Elvira Nabiullina pointed out that there is no established definition for financial sovereignty. However, according to Ms. Nabiullina, it means the financial system’s resilience to “external shocks.” “What does it mean? … This is an independent monetary policy that we are pursuing,” she added (quoted from “Prime”).
As an example, Elvira Nabiullina pointed out that the Central Bank does not go along with those calling for a return to managing the exchange rate. Since, in fact, this means linking the regulator’s monetary policy to the policies of other central banks “through linking to the rates of other countries.”
“This is our own system of settlements and payments, so we created the infrastructure, and this is a stable financial system: banking, non-banking, which is able to provide financial resources, financial services to its citizens and businesses,” she said.
President Vladimir Putin called for the urgent provision of technological, personnel and financial sovereignty of Russia. At a meeting with the government at the end of March, he stressed that the return to the growth path of the Russian economy should not relax anyone. The President also pointed to the risks of negative consequences of Western sanctions.
Read more about how the restrictions affected the Russian economy in the material “Kommersant” “A Year Under Super Sanctions”.
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