The Central Bank of the Russian Federation in the Russian economy. Analysis of the monetary policy of the central bank of the Russian Federation. Assessment of the implementation of the monetary policy of the Central Bank of the Russian Federation

Institute of Economics and Management (SP) FGUAO VO “KFU named after V.I. Vernadsky"

4th year student

Sribnaya Ekaterina Andreevna, Institute of Economics and Management (SP) KFU named after V.I. Vernadsky", Republic of Crimea, Simferopol, Ph.D. in Economics, Associate Professor of the Department of Public Finance and Banking

Annotation:

This article examines the dynamics of assets and liabilities of the balance sheet of the Central Bank of the Russian Federation, analyzes the dynamics of the operations of the Central Bank of the Russian Federation to provide secured loans, and examines the dynamics of deposit operations and repo operations of the Central Bank of the Russian Federation for the period 2014-2016.

In this article, the dynamics of the assets and liabilities of the balance of the Central Bank of the Russian Federation has been analyzed, the dynamics of the operations of the Central Bank of the Russian Federation in providing secured loans have been analyzed and the dynamics of deposit operations and REPO operations of the Central Bank of the Russian Federation for the period 2014-2016 have been examined.

Keywords:

money-credit policy; central bank; assets; passive; balance; credit; deposit operations

money-credit policy; central bank; assets; Liability; balance; credit; Deposit operations

Introduction

The monetary policy of the Central Bank of the Russian Federation for 2014-2016 was determined by changes in the economic situation in the Russian Federation: 1) sanctions imposed by the United States and the European Union against the Russian Federation; 2) changes in export and import cash flows; 3) decrease in GDP of the Russian Federation; 4) instability of the national currency exchange rate; 5) an increase in the price level in the country; 6) a decrease in the efficiency of the banking system of the Russian Federation.

Relevance

During the period 2014-2016, unfavorable trends in the development of the global economy continued, which was due to political factors, as well as a decline in economic development in all countries. The recession in the eurozone, as well as weak demand in the economies that contribute most to global consumption, have led to slower GDP growth in emerging markets. All this led to a decrease in the growth rate of global consumption in the world, which slowed down the use of primary resources.

The Central Bank of the Russian Federation develops a course of monetary policy depending on the influence of external and internal factors, on the state of the Russian economy and the world economy, as well as depending on the short-, medium- and long-term prospects for economic development.

Purpose This article is an analysis of the monetary policy of the Central Bank of the Russian Federation.

In accordance with the set goal, the following solutions were solved in the work: tasks:

1. The dynamics of assets and liabilities of the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016 was studied.

2. The dynamics of the operations of the Central Bank of the Russian Federation to provide secured loans for the period 2014-2016 is analyzed.

3. The dynamics of deposit operations and repo operations of the Central Bank of the Russian Federation for the period 2014-2016 is considered.

Materials and methods: research and subsequent conclusions were built on the basis of the studied material, legislative acts, textbooks and scientific articles of domestic and foreign scientists on relevant issues.

In the process of writing the article, we used the following methods of scientific knowledge:

1. Abstractions and specifications (in the study of the dynamics of assets and liabilities of the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016).
2. Methods of analysis and synthesis (when analyzing the dynamics of operations of the Central Bank of the Russian Federation to provide secured loans and deposit operations and REPO operations of the Central Bank of the Russian Federation for the period 2014-2016).

Results:

G.G. Fetisov, O.I. Lavrushin note that monetary regulation in the state includes monetary, exchange rate and financial policies of the central bank. V.N. Shanaev emphasizes that government policies, including the economic policy of the state and the monetary policy of the central bank, must be consistent and should not contradict each other.

Dynamics of assets on the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016. presented in Table 1.

Table 1

Dynamics of assets on the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016.

In the assets of the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016. there was an increase in precious metals (by 79.20%), funds placed with non-residents and securities of foreign issuers (by 16.37%), claims on the IMF (by 82.18%), other assets (by 2546.69% ). There was also a decrease in loans and deposits (by 45.66%), securities (by 13.95%). This is explained by the fact that during this period the situation in the monetary, financial and foreign exchange markets stabilized, which allowed the Central Bank of the Russian Federation to increase gold and foreign exchange reserves and reduce debt to creditors. However, commercial banks faced a liquidity shortage, which was due to the outflow of liquidity from the banking sector due to an increase in the volume of cash in circulation due to increased payments to the population at the end of the year, as well as foreign exchange operations of the Central Bank of the Russian Federation for the sale of foreign currency funds within the framework of monetary policy.

At the end of 2015, the situation with bank liquidity depended on the dynamics of autonomous factors forming liquidity, as well as increased demand for bank reserves at the end of the year. This led to an increase in banks' debt to the Central Bank of the Russian Federation.

Dynamics of liabilities on the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016. presented in Table 2.

table 2

Dynamics of liabilities on the balance sheet of the Central Bank of the Russian Federation for the period 2014-2016.

In the balance sheet liabilities of the Central Bank of the Russian Federation for the period 2014-2016. There was an increase in cash in circulation (by 2.77%), liabilities to the IMF (by 116.63%), and capital (by 294.82%). There was also a decrease in funds in accounts with the Central Bank of the Russian Federation (by 9.71%), funds in settlements (by 55.47%), and other liabilities (by 95.25%).

This is explained by the improvement of the situation in the foreign exchange market of the state, a decrease in fluctuations in the exchange rate of foreign currency against the ruble, as well as the floating exchange rate policy of the Central Bank of the Russian Federation. All of the above allowed the Central Bank of the Russian Federation to increase gold and foreign exchange reserves and increase the level of its sustainability and stability.

Dynamics of operations of the Central Bank of the Russian Federation to provide secured loans for the period 2014-2016. presented in Table 3.

Table 3

Dynamics of operations of the Central Bank of the Russian Federation to provide secured loans for the period 2014-2016.

• CREDIT
• CREDIT ORGANISATION
• CREDIT OPERATION
• BANKING SYSTEM

The article examines the dynamics of banking institutions, the dynamics of loans issued by banks, as well as interest rates on loans.

• Analysis of indicators of financial and economic activity of the enterprise
• Assessing the creditworthiness of borrowers as a method of reducing credit risk
• Problems and prospects for investing in agriculture

The level of provision of the population with commercial banks and branches in Russia is currently quite high, although Russia lags significantly behind most developed countries.

Decrease in the growth rate of the banking system of the Russian Federation for 2015-2017. noticeable by the decrease in the number of registered and operating credit institutions (hereinafter KOs). Let's take a closer look at the dynamics of changes over three years in Table 1.

Table 1. Dynamics of the number of registered and operating credit institutions (pcs.)

Source: based on materials

Thus, Table 1 generally reflects the negative dynamics in the number of credit institutions registered by the Bank of Russia and operating. At the end of 2017, the number of registered credit institutions decreased by 2.7% compared to the previous reporting period (that is, their number decreased by 28 institutions). At the same time, the downward trend is noticeable only in the number of registered banks. In turn, non-bank credit organizations increased in number both at the end of 2016 and at the end of 2017, but only by 1.4% (per credit institution).

It follows from this that the dynamics of the number of operating credit institutions that have the right to carry out banking operations is also negative. At the end of 2016, the number of operating banks decreased by 8.8% (by 76 organizations). At the end of 2017, the downward trend in the number of operating banks continued, so that at the reporting date this number was already 13% (in absolute terms, the number decreased by 102). The number of non-bank credit institutions at the end of 2016 also decreased by 20.3% (by 13 units), but already at the reporting date of the next period, their number increased by 1.9% (by one institution).

Credit operations are the most important income-generating item in the activities of Russian banks. This source generates the bulk of net profit, which is transferred to reserve funds and used to pay dividends to the bank's shareholders. At the same time, bank loans serve as the main source of working capital for enterprises in the real sector of the economy. Credit operations, playing an important role in the development of banks and other organizations, determine the efficiency of the country’s economy as a whole.

Recently, the population has begun to increasingly turn to the bank for credit transactions.

In order to track the dynamics of loans issued, it is necessary to compare banks that are included in the “Top 10 banks by asset volume” for 2015-2017.

Table 2. Dynamics of loans issued by leading banks for 2015-2017, million rubles

From the presented data we can conclude that Sberbank of Russia from 2015-2017. issued the most loans. VTB Bank consistently occupies second position. In 2017, compared to the previous year, all banks showed a noticeable positive growth except for the banks FC Otkritie and Alfa-Bank.

For clarity, let’s look at loans issued to the population by district.

Table 3. Dynamics of loans issued by commercial banks in the Russian Federation to individuals and legal entities for 2014-2016 by district, million rubles.

Source:

From the presented data we can conclude that the leading position in terms of the volume of loans issued is occupied by the Central Federal District. The second place is occupied by the Volga Federal District in terms of the volume of loans issued - 15,724,661 million rubles. They are followed by the Northwestern Federal District - 12,531,819 million rubles.

The least number of loans were issued by commercial banks in the Russian Federation to individuals and legal entities in 2015-2017. in the Crimean Federal District - 104,926 million rubles.

Let's look at the dynamics of loans provided directly to individuals in Table 8.

Table 4. Dynamics of loans granted to individuals (million rubles)

Source: based on materials

Based on the data in Table 4, it is clear that in 2016 there was a trend towards a decrease in the number of loans issued to individuals in rubles, that is, the amount of loans issued decreased by 151,116 million rubles. (1.8%). At the same time, the amount of loans issued in foreign currency and precious metals increased in absolute terms by RUB 2,675 million. (1.6%). At the end of 2017, a sharp deterioration in the situation is visible, both for loans issued in foreign currency and precious metals, and in rubles. Thus, the amount of loans issued to individuals in rubles decreased by 31.9% or by 2,695,666 million rubles, and the amount of loans in foreign currency and precious metals decreased by 43.2% or by 72,706 million rubles. in absolute terms. The reason for this was the collapse of the national currency, since even stress business plans were not drawn up for the current value of the national currency.

One of the reasons why people stop taking loans is the loss of confidence in banks due to the current situation in the banking sector. But the main reason is that banks increase the cost of loans they issue, that is, an increase in interest rates.

Let's consider the weighted average interest rates on loans provided by credit institutions to individuals in rubles.

Table 5. Weighted average interest rates on loans provided by credit institutions to individuals in rubles, % per annum

The emergence of central banks is closely related to the historical development of banking systems. Initially, the concept of “central bank” meant the largest bank, which had extensive connections in the banking system. In different countries, the so-called “main bank” has many names, for example, in the USA it is the Federal Reserve System, in China it is the People’s Bank. As for the Russian Federation, here the function of the “main bank” is performed by the Central Bank of the Russian Federation (CBRF). The principles of organization and activities of the Central Bank of the Russian Federation, its status, tasks, functions, powers are determined by the Constitution of the Russian Federation, the Law on the Central Bank and other federal laws.

The Central Bank of the Russian Federation is under the jurisdiction of the state, being the lender of final authority. One of the main functions of the Central Bank of the Russian Federation is control and supervision over the activities of commercial banks, as well as their licensing. Unlike other government bodies, the Bank of Russia is a legal entity with an authorized capital of 3 billion rubles. An important function of the Central Bank of the Russian Federation is currency regulation and currency control. As part of this function, the Bank of Russia cooperates with the World Bank, as well as with the banking systems of other countries. Also, the Central Bank of the Russian Federation is the emission center of the country; money is issued here exclusively in cash; it is important to note that the “main bank” of the Russian Federation has a monopoly on issuing money.

The Bank of Russia, despite its legal “independence,” has a close connection with the government of the Russian Federation. The government keeps its funds in accounts with the Central Bank and also develops the monetary policy of the state. In turn, the Bank of Russia participates in the development of economic policy of the Government of the Russian Federation. When considering bills directly related to the financial policy of the state, the Chairman of the Central Bank of the Russian Federation has the right to take part in meetings of the State Duma and the Government of the Russian Federation.

The main goals of the Bank of the Russian Federation in a market economy are:

1) protection and ensuring the stability of the ruble;

2) development and strengthening of the banking system of the Russian Federation;

3) ensuring the efficient and uninterrupted functioning of the payment system.

The “new” fourth goal for the Central Bank of the Russian Federation will be the introduction of a three-tier banking system. The head of the Central Bank of the Russian Federation, Elvira Nabiullina, announced this at the forum at the end of 2016 “Banks of Russia - XXI century”. “We believe that the creation of a three-tier banking system should help improve the structure of the banking business and create opportunities to increase the efficiency and sustainability of various banks,” said the head of the Central Bank of the Russian Federation. During the implementation of the reform, most financial institutions will become regional. The implementation of the three-tier system is planned on January 1, 2018. This reform involves a division between banks into systemically important, universal (in previous editions - federal) and small (formerly they were called regional).

The banking system appears to be a mature, fully formed market institution, which over the 27 years of formation of the Russian market economy has acquired significant potential for independent development. However, this period was accompanied by many crisis situations and phenomena. Such circumstances required an urgent and immediate response from the country's main bank. The main task for the Central Bank of the Russian Federation during the crisis of 2014-2015 was the strengthening of the Russian currency by creating a “currency corridor”. This method allows you to reduce risks associated with foreign partners, as well as more accurately predict the economic situation within the country.

In 2016-2017, the Russian economy began to stabilize; this was significantly supported by a package of anti-crisis measures implemented by the Central Bank of the Russian Federation and the Government. The “revival” of the economy is also associated with expanding the scale of production and cooperation with new economic partners.

In the Russian banking system, the Central Bank of the Russian Federation is designated as the main bank of the country and the lender of last resort. The functions of the Central Bank as a lender of last resort are that it is obliged to lend to commercial banks in order to maintain their lending and settlement potential.

To analyze the activities of the Central Bank of the Russian Federation in modern conditions, it is necessary to analyze individual performance indicators of credit institutions over the past three years (Table 1).

Table 1.

Analysis of individual performance indicators of credit institutions for 2014-2016.

The greatest dynamics of deviation was caused by such an indicator as loans received from the Bank of Russia (RUB 4,293,062 million). This is largely due to the large number of revoked licenses among commercial banks. You can also observe a decrease in lending to individuals (RUB 526,574 thousand). The main reason for this decline is the careful selection of potential borrowers; at the moment, not all citizens have a decent reputation in credit institutions. In general, the dynamics of the deviation of individual performance indicators of credit institutions over the past three years amounted to 5,623,250 million rubles, which indicates a high level of efficiency of the Central Bank.

The main function of the Central Bank of the Russian Federation, as mentioned earlier, is control over the activities of commercial banks, as well as issuing licenses to them.

Recently, there has been a tendency towards a decrease in the number of unscrupulous banks, which we can see in Figure 1.

Figure 1. Number of revoked licenses of the Central Bank of the Russian Federation in the period from 2012 to 2016.

During the period from 2012 to 2016. the total number of revoked licenses amounted to 340, which indicates the tightening of the requirements of the Central Bank of the Russian Federation for commercial banks. The reason for the sharp increase in revoked licenses in the period from 2013 to 2014. (35 revoked licenses in 2013, 85 in 2014) was the new management’s focus on conducting questionable transactions, providing unreliable reporting and increasing low-quality assets.

In the banking system of the Russian Federation, there is such a thing as a systemically important bank, the essence of which is determined by the Central Bank of the Russian Federation. A systemically important bank is a banking institution whose liabilities constitute at least 10% of the total liabilities of the entire banking system. In other words, these are large banks that are the leading creditors of individual states and the entire banking system as a whole. They are responsible for almost all the liquidity of the banking sector, and financial crises begin with such banks.

Every year the Central Bank of the Russian Federation determines 10 systemically important banks. In 2017, this list did not change, as it has not changed for the last three years. A dozen systemically important banks are presented in the following table.

Table 2.

Systemically important banks of the Russian Federation as of March 1, 2017

Every year, the Central Bank of the Russian Federation publishes the “TOP 100” of reliable banks. The reliability rating of Russian banks includes reporting on property, loans and non-core assets (Net Assets indicator) as of November 2016. It is presented in the following table.

According to the table above, the top three banks included such banks as Sberbank of Russia, VTB Bank of Moscow, Gazprombank.

Another important function performed by the Central Bank of the Russian Federation is setting the refinancing rate.

The refinancing rate is the amount of interest on an annualized basis payable to the Central Bank of Russia for loans that the central bank provided to credit institutions. From January 1, 2016, the value of the Refinancing Rate is equal to the value of the key rate established by the Central Bank. When approving the refinancing rate, the Central Bank of the Russian Federation is guided by the level of the following parameters:

• Inflation dynamics
• Monetary conditions
• Economic activity
• Inflation risks.

The change in the refinancing rate is clearly shown in Table 4.

Table 4.

Changes in the refinancing rate from 2009 to 2017.

Not so long ago, the Board of Directors of the Bank of Russia, on March 24, 2017, decided to reduce the key rate to 9.75% per annum. The Board of Directors states that inflation is slowing faster than forecast, while inflation expectations continue to decline and economic activity continues to recover. Under these conditions, while maintaining a moderately tight monetary policy, the target inflation rate of 4% will be achieved by the end of 2017 and will be maintained in the future.

Taking into account the current conditions of a market economy in Russia, we can say that the Central Bank plays a key role; it is a powerful instrument of the state in pursuing a unified monetary policy (regulating the rate of economic growth, mitigating cyclical fluctuations, containing inflation, achieving a balance in foreign economic relations), while this, without interfering in the operational activities of commercial banks.

Bibliography:

1. Lavrushin O.I. Central Bank in a market economy - // Banking. - 2015 - No. 5.
2. Main directions of the unified state monetary policy for 2016. // Bulletin of the Bank of Russia. - 2016. - No. 47 (991)
3. Pshenichnikov, V.V. Money, credit, banks: textbook / V.V. Pshenichnikov, E.E. Bicheva. - St. Petersburg: Publishing house Polytechnic. University, 2010.- 216 p.
4. The state of the monetary sphere and the implementation of monetary policy for 2015. // Bulletin of the Bank of Russia. - 2015. - No. 13 (1029)

In the first half of 2012, GDP increased by 4.5%. Economic growth was primarily driven by increased domestic demand. In January-September, the GDP growth rate was estimated to be about 4%.

Expenditures of the population on the purchase of goods and payment for services in January-September 2012 increased, according to estimates, by 6.8%. The volume of investments in fixed capital exceeded the level of the corresponding period of the previous year by 7.2% (in January-September 2011 - by 5.0%).

The unemployment rate in September 2012 was 5.2% of the economically active population (6.0% a year earlier). Against the backdrop of high world prices for energy products, budget revenues increased, while the uniformity of spending budget funds throughout the financial year improved. As a result, the federal budget surplus in January-September 2012 amounted to 1.4% of GDP (in January-September 2011 - 2.9% of GDP).

In January-May 2012, the slowdown in inflation that began in mid-2011 continued (on a monthly basis to the corresponding month of the previous year). In June it began to grow and in September it exceeded the upper limit of the target for 2012 (5-6%).

According to estimates, the output of goods and services was close to potential levels. The rise in prices for non-food products excluding gasoline, which is least susceptible to the influence of various factors, slowed down; According to estimates, their growth rate decreased from 5.9% in January 2012 to 5.4% in September (on a monthly basis to the corresponding month of the previous year).

In the second half of 2011 - early 2012, the slowdown in consumer price growth was significantly influenced by favorable conditions on the domestic and global agricultural markets. In April 2012, the growth rate of food prices reached its historical minimum (on a monthly basis compared to the corresponding month of the previous year), amounting to 1.2%.

In addition, the reduction in inflation was influenced by the postponement of indexation of administratively regulated tariffs from January to the third quarter of this year. As a result, during the first five months of the year, the growth rate of consumer prices decreased, reaching in April-May the minimum value for the entire observation period - 3.6% (relative to the comparable months of last year). Core inflation fell from 6.0% in January to 5.1% in May.

However, in May-September the rise in food prices accelerated. In September 2012, food products were 7.3% more expensive than in the comparable month of the previous year (in September 2011 - by 6.4%). Non-food products and paid services, including housing and communal services, rose in price in September 2012 compared to the comparable month of the previous year to a lesser extent than in September 2011. In general, inflation increased to 6.6%, core inflation - to 5.7%.

Inflation data is presented in Table 1.

Table 1 - Dynamics of inflation in the consumer market and core inflation (as a percentage of the corresponding month of the previous year)

The balance of payments of the Russian Federation in January-September 2012 was formed under the influence of favorable international market conditions for the main Russian export goods. Against the backdrop of a significant current account surplus in conditions of moderate investment demand in the economy, the prerequisites have emerged for intensifying the export of private capital.

The increase in international reserves taken into account in the balance of payments in January-September 2012 amounted to 21.1 billion. US dollars. The main factors for the increase in reserve assets were interventions in the foreign exchange market, receipts of funds from the placement of Eurobonds by the Russian Ministry of Finance and the sale of a stake in Sberbank of Russia OJSC, the transfer of customs duties, as well as other operations of the Government of the Russian Federation and the Bank of Russia.

Taking into account currency and market revaluations, as well as other changes, the international reserves of the Russian Federation as of October 1, 2012 amounted to 529.9 billion US dollars.

In the context of increased exchange rate flexibility, the accumulation of net international reserves by the Bank of Russia slowed down, the increase of which in January-September 2012 amounted to 21.5 billion US dollars (for the same period in 2011 - 24.3 billion US dollars). The reduced role of the currency channel in the formation of the monetary base was reflected in a reduction in the emission effect of foreign exchange interventions to 0.2 trillion. rubles in January-September 2012.

Under the current conditions, the increase in money supply on the part of monetary authorities was mainly due to the expansion of gross credit to banks, the increase of which in the nine months of this year amounted to 1.2 trillion. rubles

Taking into account the decisions made by the Bank of Russia and the current macroeconomic situation, certain indicators of the monetary program for the current year were clarified. An assessment of the monetary program indicators for 2012 is given in Table 2.

Table 2 - Assessment of indicators of the monetary program for 2012 (billion rubles)

When making decisions on interest rate policy, the Bank of Russia focuses on medium-term assessments of inflation risks, the dynamics of inflation expectations, assessments of economic growth prospects, and also takes into account changes in other factors. We take into account the absence of a significant impact on inflation from the demand side while aggregate output remains close to its potential level, the non-monetary nature of the short-term slowdown in inflation in the first half of this year and its growth in the second half of the year, as well as the tightening of monetary conditions.

Based on the analysis of these and other factors, the Bank of Russia in January-August 2012 did not change the direction of monetary policy - the refinancing rate and interest rates on main operations (except for rates on currency swap transactions) were maintained at the level established with December 26, 2011. In the third quarter of 2012, against the backdrop of rising inflation and inflation expectations, the risks of exceeding the Bank of Russia's medium-term inflation targets increased. Therefore, the Bank of Russia decided to increase the refinancing rate and interest rates on its operations by 0.25 percentage points from September 14, 2012.

In October 2012, the Bank of Russia, taking into account the stabilization of the growth rate of credit to the economy and signs of cooling in business activity, kept rates on its operations unchanged.

In order to increase the effectiveness of interest rate policy, during the period under review, the Bank of Russia made decisions aimed at limiting fluctuations in short-term interbank market rates and improving the operational procedure of monetary policy. Interest rates on Bank of Russia operations in 2012 are shown in Table 3.

Table 3 - Interest rates on Bank of Russia operations in 2012 (% per annum)

In June 2012, by decision of the Board of Directors of the Bank of Russia, interest rates on currency swap transactions were reduced (to 6.5% for the ruble part of transactions and to 0% for the foreign currency part of transactions). The revision of interest rates on currency swap transactions helped maintain money market rates during periods of growing market tensions within the Bank of Russia interest rate corridor.

Changes in the liquidity state of the banking sector had a significant impact on the dynamics of short-term interest rates on the money market. The accumulation at the end of 2011 of a significant amount of funds in correspondent and deposit accounts of credit institutions (due to the seasonal increase in budget expenditures in December), as well as an increase by the end of the year in the debt of credit institutions on medium-term refinancing operations led in January-February 2012 to a noticeable increase in the level of banking liquidity. As a result, during this period, short-term interbank market rates were close to the fixed rate on deposit operations of the Bank of Russia, which forms the lower limit of the interest rate corridor. In 2012, the situation on the Russian interbank loan market (IBC) remained stable. The average monthly spread between the rate on loans to banks with a speculative credit rating MIACR-B and the rate on loans to banks with a high credit rating MIACR-IG on overnight ruble interbank loans in January-September 2012 did not exceed 45 basis points. The share of overdue debt on ruble interbank loans placed with resident credit institutions in January-September 2012 was no more than 0.5%. In the first and third quarters of 2012, non-price conditions for bank lending for the main categories of borrowers changed differently. In the consumer lending segment, banks increased the maximum loan term and volume. There was also some relaxation of the requirements for the financial position of the borrower and loan collateral. In the segment of lending to non-financial organizations, banks pursued a more cautious policy, tightening requirements for the financial position of borrowers - legal entities, especially large corporate borrowers.

The maximum term and volume of the loan almost did not increase, and in some periods they decreased.

UDC 336.711

Savinova Evgenia Anatolyevna

Candidate of Economic Sciences, Associate Professor.

Bryansk State University named after academician I.G. joan. savinova@gmail .com Bashlakova Marina Aleksandrovna 1st year master's student.

Bryansk State University named after Academician I.G. marina_livan@mail .ru Evgeniya A. Savinova

Candidate of economic sciences, associate professor. Bryansk State University named after academician I.G. Petrovsky joan. [email protected] Marina A. Bashlakova Master of 1 course.

Bryansk State University named after academician I.G. Petrovsky marina_livan@mail .ru

ANALYSIS OF THE ACTIVITIES OF THE BANK OF RUSSIA IN REGULATING THE BANKING SECTOR

ANALYSIS OF THE BANK OF RUSSIA ACTIVITY ON THE REGULATION OF THE BANKING SECTOR

The article analyzes the activities of the Central Bank of Russia in regulating the banking sector in 2016. The main key trends in the banking system are highlighted. First of all, it is worth noting a significant reduction in the number of credit institutions. In the passive operations of banks, there is a slight increase in deposits of individuals with a simultaneous reduction in funds from corporate clients, which is explained by a general decrease in the level of inflation in the country and, as a consequence, lower rates on deposits. Despite the instability of the macroeconomic environment, banks recorded high profits at the end of 2016. This is mainly due to income from active operations.

Key words: Bank of Russia, loan portfolio, banking system, inflation, lending, profit, overdue debt.

The article analyzes the activities of the Central Bank of Russia in regulating the banking sector in 2016. The key trends of the banking system are identified. First of all, it is a significant reduction in the number of credit institutions. Passive operations of banks show a slight increase in retail deposits with a simultaneous reduction in corporate customer funds, which is explained by the general decrease in the level of inflation in the country and, as a consequence, by lower deposit rates.

Petrovsky

Petrovsky

Despite the instability of the macroeconomic environment, banks recorded a high profit in 2016, mainly due to revenues from active operations.

Keywords: Bank of Russia, loan portfolio, banking system, inflation, lending, profit, overdue debt.

For the Russian banking sector, 2016 turned out to be quite difficult, but in comparison with 2015 it was more optimistic. According to the Central Bank, the assets of banking organizations in January-November 2016 decreased by 3.2%. This is explained by a significant strengthening of the ruble exchange rate and currency revaluation. If we exclude revaluation, the value of assets will be higher by 0.3%.

The main negative result of last year was that banks are reducing the volume of lending to the economy. According to the Central Bank, assets decreased by 3.5% (excluding exchange rates, a small increase of 1.9% was recorded), loans to the economy - by 6.9% (-2.4%); loans to non-financial organizations - by 9.5% (-3.6%).

Overdue debt remained at a moderate level throughout 2016. The maximum value (5.9%) of the delay was in August 2016. The volume of overdue debt in the corporate portfolio decreased over the year by 8.9%, and in the retail portfolio - by 0.7%.

the share of overdue debt on loans to non-financial organizations increased slightly over the year from 6.2 to 6.3%, and for retail loans even decreased from 8.1 to 7.9%. This indicates an improvement in the quality of the loan portfolio of Russian banks. According to Bank of Russia forecasts, in 2017, overdue debt may decrease by 0.5-0.9 percentage points. In 2016, household deposits increased by 4.2% (+9.2%), while deposits and funds of organizations in accounts decreased by 10.1% (2.8%). The main reason for this dynamics can be considered the strengthening of the Russian currency and the subsequent currency revaluation. December traditionally sees an increase in retail deposits. This is mainly due to the increase in deposit rates and the receipt of the “13th salary”.

In 2016, the recovery of the country's banking system continued. The Bank of Russia revoked 96 licenses; in addition, 15 cases of voluntary surrender of licenses due to merger and liquidation should be taken into account.

Let us highlight the main trends in the development of the Russian banking sector in 2016

1. Reduced bank rates. During the year, there was a gradual decrease in rates on both active and passive operations of banking organizations. At the same time, deposit rates decreased by an average of 1.5-3 percentage points for individuals and by 1-1.5 for the corporate sector, and on loans - by 1-2 percentage points for both individuals and legal entities .

2. Active cleaning of the banking sector from ineffective banks. The fight against credit institutions that have low-quality assets on their balance sheets or conduct dubious transactions has become fiercer. Behind

In 2013, the Central Bank revoked 36 licenses, in 2014 - 87, in 2015 - 93. In 2016, 96 banks lost their licenses. Along with small banks, in 2016, such large banks from TOP-100 in terms of assets as Vneshprombank, CB INTERKOMMERTS, CB RosinterBank, JSCB VPB and CB BFG-Credit, whose assets as of January 1, 2016 were 267, 110, lost their licenses. 93, 80 and 68 billion rubles, respectively. In 2017, high rates of cleaning the banking sector from dubious banks continue. During the first quarter of 2017, 14 credit institutions lost their licenses, including PJSC Tatfondbank, CB ROSENERGOBANK, and JSCIB Obrazovanie.

With the arrival of Elvira Nabiullina as head of the Bank of Russia in 2013, work to improve the banking sector sharply intensified. As of March 1, 2017, about 967 credit institutions were registered in Russia (as of January 1, 2016 - 1021; as of January 1, 2001 - 2124).

3. Significant growth in profits of the Russian banking sector. “A significant positive result of 2016 was an almost fivefold increase in the profits of credit institutions compared to 2015 (930 billion rubles and 192 billion rubles, respectively),” says the review “On the dynamics of development of the banking sector of the Russian Federation in December and the results of 2016,” which the Central Bank issued on January 25, 2017. The significant increase in profits of the banking sector in 2016 was largely due to the low base effect, since 2015 turned out to be one of the most unsuccessful years for the banking system of the Russian Federation after the crisis period of 2008-2009.

In general, the restoration of profits in 2016 was made possible, first of all, due to a reduction in expenses for creating reserves for losses. According to the Bank of Russia, the balance of reserve accounts for possible losses has increased since the beginning of the year by 3.5%, or by 188 billion rubles, while in 2015 the growth was 33.4%, or by 1.352 trillion rubles. .

Profit growth was also facilitated by a decrease in interest rates under the influence of the emerging liquidity surplus in the banking sector, which made it possible to refinance expensive funding in 2015 and reduce interest expenses. More than half of the sector’s profit came from just one credit institution - Sberbank, analysts point out. The country's largest bank reported an increase in net profit according to Russian accounting standards in 2016 by 136.7%, to 516.988 billion rubles.

Due to the constant revocation of licenses of banks in Russia, there are fewer, and the number of clients is more or less constant, as a result, those who remain in the market receive an increase in the client base, and often an increase in the number of offices, employees, equipment, and some know-how.

In general, the high rates of profit growth in recent months give reason to assume that in 2017, the profit of the banking sector will cross the threshold of 1 trillion rubles.

Thus, in 2016, the Russian banking sector developed in difficult conditions: high inflation rates, declining GDP, limited

access to external financial markets. Together with the Government, the Bank of Russia has developed and implemented a set of measures to stabilize the banking sector and support lending to priority sectors of the economy.

In 2017, the Bank of Russia continued to supervise the activities of credit institutions. The regulatory framework is being improved, the efficiency of banking supervision is increasing, and there is a revival in the banking services sector.

LITERATURE

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2. Bespalova O.V., Farajova A.S., Shibanov I.A. Deposit policy of a commercial bank at a new stage of development of the banking system of the Russian Federation // Economics and Entrepreneurship. 2017. No. 2-1 (79-1). pp. 484-488.

3. Kovalerova L.A., Savinova E.A. Current state and prospects for the development of pension reform in the Russian Federation // Economics and Entrepreneurship. 2017. No. 1 (78). pp. 812-819.

4. Savinova E.A. Modern methods for assessing the quality of loan debt // In the collection: management of socio-economic systems and legal research: theory, methodology and practice. Collection of scientific works of the international scientific and practical conference of teachers, graduate students and students. 2017. pp. 394-402.

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6. Anokhina Y.V., Baranova I.A. Development of a “green” economy in Russia // In the collection: Integrated development of rural areas and innovative technologies in the agro-industrial complex, materials of the II international part-time scientific, methodological and practical conference. 2016. pp. 253-257.

7. Kovalerova L.A., Kuftov K.S. Problems of formation of local budgets and possible ways to solve them In the collection: Science in the modern world, collection of materials from the VI international scientific and practical conference. 2017. pp. 66-69.

8. Nazarova O.G., Muravyova M.A., Tachkova I.A. Management of economic culture as a need for innovative bio-socio-economic development of society and personality // Science of Krasnoyarsk. 2016. No. 3-3 (26). pp. 138-145.

9. Savinova E.A., Kovalerova L.A. Using ratings to assess the creditworthiness of banks // Polythematic network electronic scientific journal of the Kuban State Agrarian University (Scientific journal of KubGA U) [Electronic resource]. - Krasnodar: KubGA U, 2017. - No. 3 (127). - Access mode: http://ej.kubagro.ru/2017/03/pdf/22.pdf

10. Baranova I.A. Models of economic growth in Western Europe and the USA: comparison and analysis // Economics. Sociology. Right. 2016. No. 4. P. 9-13.

11. Bespalov R.A., Stepina O.A., Tkacheva Yu.A. Features of the credit policy of a commercial bank in modern conditions // Economics and entrepreneurship. 2017. No. 2-1 (79-1). pp. 545-548.

12. Glushak N.V. Scientific and theoretical analysis of scenario forecasts for the development of the Russian economy // Yearbook of the Research Institute of Fundamental and Applied Research. 2016. No. 1 (8). pp. 151-160.

1. The Central Bank of the Russian Federation. - Access mode: www.cbr.ru

2. Bespalova O.V/, Faradzhova A.S., Shibanov I.A. Deposit policy of a commercial bank at a new stage in the development of the banking system of Russia// Economics and Entrepreneurship. 2017. No. 2-1 (79-1). P. 484-488.

3. Kovalerova L.A., Savinova E.A. Current state and prospects for the development of pension reform in the Russian Federation // Economics and Entrepreneurship. 2017. No. 1 (78). P. 812-819.

4. Savinova E.A. Modern methods of assessing the quality of loan debts // In the collection: Management of socio-economic systems and legal research: theory, methodology and practice. Scientific practical conference of teachers, post-graduate students and undergraduates. 2017. P. 394-402.

5. Baranova I.A. The economic basis of local self-government // Integration of sciences. 2017. No. 2 (6). P. 18-20.

6. Anokhina Ya.V., Baranova I.A. Development of the "green" economy in Russia // The II international full-time correspondence scientific-methodical and practical conference. 2016. P. 253-257.

7. Kovalerova L.A., Kuftov K.S. Problems of the formation of local budgets and possible ways to solve them In the collection: Science in the Modern World, a collection of materials of the VI International Scientific Conference. 2017. P. 66-69.

8. Nazarova O.G., Murav"eva M.A., Touchkov I.A. Management of economic culture as a need for innovative bio-socio-economic development of society and personality // Science of Krasnoyarsk. 2016. No. 3-3 (26). P. 138-145.

9. Savinova E.A, Kovalerova L.A. Use of ratings to assess the creditworthiness of banks // Scientific Journal KubGUU). - Access mode: http://ej.kubagro.ru/2017/03/pdf/22.pdf

10. Baranova I.A. Models of economic growth in Western Europe and the USA: comparison and analysis //Economics. Sociology.Right. 2016. No. 4. P. 9-13.

11. Bespalov R.A., Stepina O.A., Tkacheva Yu.A. Features of the credit policy of a commercial bank in modern conditions // Economics and Entrepreneurship. 2017. No. 2-1 (79-1). P. 545-548.

12. Glushak N.V. Scientific-theoretical analysis of scenario forecasts for the development of the Russian economy // Yearbook of the Research Institute of Fundamental and Applied Research. 2016. No. 1 (8). P. 151-160.