Nabiullina called methods of dealing with risks to financial stability

In the amplification of external shocks, the Bank of Russia to cope with them and prevent, if necessary, risks to financial stability, says Elvira Nabiullina. As the Central Bank plans to do this, she told the Congress in Kazakhstan

Elvira Nabiullina

(Photo: Evgeny Reasonable / statements / TASS)

Chairman of the Russian Central Bank Elvira Nabiullina said that with the possible strengthening of external shocks, the Bank of Russia, in its opinion, will be able to locate risks to financial stability. This position it expressed at the Congress of financiers of Kazakhstan, reports “RIA Novosti”. During his speech, the head of the Russian Central Bank also said the regulator plans to deal with possible difficulties.

“We have already used these tools and sure that you will be able in a timely manner to stop the risk of financial stability in a situation the possible increase of external shocks”, — said Nabiullina.

For example, one of the tools to maintain financial stability in Russia, said the head of the Central Bank, was suspending purchases of foreign currency in terms of the budget rules.

The Ministry of Finance placed OFZ in the background data about the delay of new sanctions

The Ministry of Finance for the first time in a month placed the declared volume of Federal loan bonds (OFZ) — two issues to 10 billion rubles. location of the public debt was helped by the information that the decision about new US sanctions against Russia delayed

Photo: Ramil Sitdikov / RIA Novosti

The Ministry of Finance in the course of the auction 14 Nov placed all planned volume of debt — two issues of Federal loan bonds (OFZ) for 5 billion rubles each. The volume of demand of the first issue maturing in November 2022 amounted to 12.2 billion rubles for the issue maturing in December 2021 — 15.5 billion rubles. Weighted average yield of longer bonds (floating coupon) was 7.86% per annum, and the shorter of 8.43%. It went without a prize.

Today for the first time since 22 Oct OFZ average yield came to 8.74%, according to the index of government bonds RGBI. In the last 20 days, they, on the contrary, have grown on negative sanctions rhetoric from the United States from 8.44 to 8.89% (to 13 Nov).

The head of the IMF called on Central banks to think about the release of their digital currencies

According to Christine Lagarde, the world is changing fast and money needs to change with it. The head of the IMF is confident that Central banks can provide modern digital economy safe and comfortable with digital money

Christine Lagarde

(Photo: Andrew Harrer / Bloomberg)

What is happening in today’s world change is change and the role of money, the demand for cash is declining rapidly, and it is possible that in some 20-30 years to pay them would be virtually impossible, warns the head of the International monetary Fund (IMF) Christine Lagarde. Speaking at the FINTECH conference in Singapore, Lagarde urged Central banks of different countries already, to think about issuing its own digital currency.

“We are the world of information, where data has become the “new gold.” And this means that the money itself must change. We expect that they will be more comfortable, perhaps even, will look not so serious. We expect that they will be integrated with social networking, available online and suitable for payments between individuals, including micropayments. And, of course, we expect that all this will be cheap, safe and protected from criminals and prying eyes,” said Lagarde.

According to her, the Central banks must be ready to fill the gap arising from the withdrawal from the market of cash, because only the state can provide a digital economy is not just convenient, but also guarantees the safety of users and society as a whole money. In particular, according to Lagarde, issued by the Central banks digital currency in the digital world could be “cheap and effective” alternative to payments by large private companies, and to prevent monopolies.

The Central Bank revoked the licenses of two banks of the top 300 and top 500

The regulator has forbidden to carry out operations of the MIND Bank, which in terms of asset size is 293 th place in the Russian banking system, and regional joint-stock commercial credit institution “Moscow” (431 -)

Photo: Alexey Zotov / TASS

The Bank of Russia withdrew the license of the credit organization “MIND Bank”, held at the beginning of November by total assets 293 th place in the banking system of the country. In addition, the regulator imposed a ban on operations in terms of regional joint-stock commercial Bank “Moscow”, which, according to statements of 431 took place in Russia.

Explaining his decision regarding the MIND-Bank, the regulator indicated that the credit organization took unfair the decision, namely the conduct of the transaction for the withdrawal of liquid assets to the detriment of the interests of creditors and depositors. Information about these operations, the Central Bank promised to send to law enforcement agencies, since they have signs of violations of the Criminal code.

In addition, the Bank:

Why the Central Bank intends to withdraw the savings Bank from-under restrictions on the mortgage

The Central Bank will ease restrictions on issuing mortgages with a down payment of 20% for banks, evaluating credit risk based on internal ratings. For a benefit claim savings, it will allow him unlike competitors not to raise rates

Photo: albert Garnelis / TASS

Central Bank develops a normative act, relevant to the particular application of the limits on mortgages with low initial payment (less than 20% of the loan amount) for banks that use the approach to calculation of credit risk based on internal ratings (ISD), told RBC in the press service of the regulator.

Its necessity stems from the fact that in the internal rating models of banks risks inherent in the allowances of the regulator may be partially taken into account, noted in the TSB. The only Russian Bank, which the Central Bank a year ago was allowed to go to PVR, Sberbank.

Indulgence for sensitive borrowers

Klepach called the sense of the Northern latitudinal export of LNG and scaring deer

The Deputy Chairman of Vnesheconombank Andrei Klepach noted that the money that Gazprom and Russian Railways to invest in the construction of the Northern latitudinal, collected from other regions of Russia

Andrei Klepach

(Photo: Valery sharifulin / TASS)

Former Deputy economic development Minister and now chief economist and Deputy head of the management Board of Vnesheconombank (VEB) Andrei Klepach criticized the project of construction of the Northern latitudinal railway, which will link the Yamal Urals and North-Western regions of Russia.

“The project Northern latitudinal… Besides from the export of liquefied natural gas and scared the deer, it would have no impact. Rather, quite the contrary. The money to “Gazprom” and Railways investing, collected from other regions”, — said Klepach, speaking at the conference “Russian regions in the focus of the change” (quoted by “RIA Novosti”).

The Northern latitudinal railway (SSH) should go the route Obskaya — Salekhard — Nadym and also provide a link of transport system of Russia with Northern sea route (NSR) through the port of Sabetta. The cost of the railway from the station to the Bovanenkovo Sabetti (170 km) is estimated at 113 to 115 billion rubles., the total cost SSH — up to 260 billion rubles.

Sechin explained the high price of gasoline policy independent gas stations

The head of “Rosneft” has again accused the independent gas station owners in the manipulation of prices in the market. According to Sechin, this is facilitated by the monopoly trading scheme fuel in the regions

Photo: Sergey Guneev / RIA Novosti

The head of “Rosneft” Igor Sechin in an interview to “Kommersant FM” has accused the independent network of filling stations in the create regional monopoly structures, which aim to spur the growth of fuel prices.

“We have a design, when in some regions formed a monopoly structure with an established supply chain, which is aimed at increasing the cost. Even a vertically integrated company in accordance with the antitrust laws have to adapt. But we’re going to deal with this very serious”, — said the head of “Rosneft”.

Estimated Sechin, independent networks owns a share of 30% of the market. “Those 30% just affect pricing, because they are supported by the Federal Antimonopoly service. If we give you a lower price, then immediately get on the antitrust proceedings. So, even forced to raise the price,” he said.

Money for all: is it possible in Russia unconditional income

Wednesday, November 14, at the Higher school of Economics discussed the idea of unconditional basic income. Effective implementation of basic income is impossible in authoritarian regimes with high centralization of power, experts said

Photo: Alexander Mudrats / TASS

The idea of an unconditional (or basic) income implies that every citizen receives a guaranteed cash payout regardless of its level of income, employment and health. In a number of countries have carried out and continue to conducted experiments on the implementation of such payments for certain categories of the population (for example, in Finland, the Netherlands, Canada, India). RBC figured out, what are the arguments for and against the introduction of a basic income and why in Russia there are no conditions for the transition to a new social policy.

Why do we need a basic income?

  • The introduction of an unconditional income will provide income of all members of society at a level exceeding the subsistence minimum, and potentially completely overcome material poverty, experts of the world Bank Ruslan AMCOW, Jamele, Rigolini, Hugo dzhentilini in the materials of the conference “Basic income: a prologue to the social policy of the XXI century?”, that 14 November was held at the HSE.

Rid of oil: how falling prices will affect the Russian economy

Oil prices just over a month fell to $20, causing panic and confusion in the market. RBC understood what was happening in the oil market and how it threatens Russia

Photo: Andrey Rudakov / Bloomberg

What happened?

Yesterday, 13 November, the world prices for oil have fallen approximately 7% to levels of $55 (WTI) and $65 per barrel (North sea Brent). Futures WTI it was the biggest one-day drop in percentage from September 2015, futures Brent — July 2018 (July 11, quotations Brent have fallen further).

  • Both oil benchmarks have lost $20 since the beginning of October. As a percentage of Brent crude is now at 23% below the October peak, WTI rose by 26% lower. This means that technically the oil has entered a bearish trend (down 20% relative to the recent highs).

  • Oil prices have lost all growth, accumulated since the beginning of 2018: futures Brent traded 1% below the level of the beginning of the year, futures WTI rose by 7% lower (at 17:00 GMT).

The Ministry of Finance challenged the decision of the English court for a debt of Ukraine at $3 billion

The Ministry of Finance challenged the decision of the court of Appeal of England on the debt of Ukraine at $3 billion, of which the proceedings could be suspended indefinitely

Photo: Anton Belitsky / TASS

Trustee of the Ministry of Finance of Russia — the British company The Law Debenture Trust Corp. — filed an appeal in the UK Supreme court to the court of Appeal of England argument of Ukraine in the dispute on the debt by $3 billion About it is spoken in the message of the Ministry of Finance of Russia, arrived in RBC.

In September the court of Appeal of England decided to hold a separate trial for the analysis of one of the four arguments of Ukraine in dispute with Russia at $3 billion. Ukraine argues that Eurobonds for $3 billion was issued in favor of Russia under “improper pressure”, the other three of the argument of the Ukrainian side was rejected.

“According to the Ministry of Finance of Russia, the fourth argument of Ukraine, as the other three grounds, should also be dismissed without trial” — said in the message.