Audit chamber said risks to the financial system
The development Finance market in Russia does not correspond to the size of its economy, and the financial sector have significant risks about it reported in the report of the accounts chamber analyzed the Development of Russian financial market in 2016-2018.
The development Finance market in Russia does not correspond to the size of its economy, and the financial sector have significant risks about it reported in the report of the accounts chamber analyzed the Development of Russian financial market in 2016-2018.
As stated in the document, in the global competitiveness Index (GCI) world economic forum Russia in the last 2 years took a total 43rd place out of 141. However, the development of Finance market, it was only 95-th place, for the stability of the banking sector - 115-m, and the stability of the financial system in General - only on 120-m a place.
According to the authors of the report, This situation indicates significant risks for the Russian financial market, which see international experts. The low position of Russia in terms of development of Finance market point to the lack of comparability of the financial market not only scale economies, but also With the investment needs, the report said.
The most difficult situation, according to auditors, has developed in the banking sector, where in 2016-2018 value of assets and own funds of credit institutions in real terms has increased insignificantly, while their number decreased by 1, 5 times, and the degree of concentration in the market increased.
Bank lending to non-financial sector for the reported period has decreased significantly in real terms and in nominal terms it grew by only 70, 9 billion, and at the same time, the volume of loans granted to individuals increased by 4, 2 billion rubles.
This situation, in the opinion of the authors of the report, points to the adverse rules of lending to the real sector of the economy. In addition, the banking sector indicators demonstrate the problems in its development, a low level of lending to the economy and availability of substantial reserves for acceleration of economic increase, according to the document.
the Bank of Russia, explaining the Last news report of the accounting chamber, expressed hope for improving the country's position in the global index of financial services." in the calculation of the index of 2019 to Finance market data is used 2015-2017 - thus, the index indicates the state of the Finance market With a lag of two to three years. Since all values have improved or recovered to the world average values, for this reason, we expect that Russia's position on the charts in the following years will increase, " - told in the Central Bank.
As pointed out in the Central Bank, 2016-2019 has been difficult for all emerging markets. At the same time Russia, despite the slowdown in the pace of improvement in the global economy, trade wars, and the uncertainty Brexit, has managed to maintain its position in the chart and at the same time, other emerging markets, including India and Turkey, worsened the situation.
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