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CBR Unveils Policy Guidelines for Development

06.06.2018 17:31 / The Bank of Russia

The Central Bank of Russia (CBR) unveiled its new ‘Guidelines for Development of Russia’s Financial Market and Action Plan’.

The CBR Policy Guidelines span multiple sectors and takes into account Russia’s unique market conditions as well as international good practices. For the first time, a focus on financial inclusion has been fully integrated into CBR’s policy guidelines with a significant focus dedicated to consumer protection, financial literacy, promotion and proportionate regulation of new technologies, appropriate regulation of the non-bank sector. The Action Plan also identifies other key financial inclusion trends in which should be carefully monitored. These include, Information Disclosure, Harmonization of National Standards, Risk Management, Automation of Services, Reaching Rural/Remote Populations, and Digital Authentication and Identification.

Because financial education and consumer protection have been recognized by CBR as vital elements in the development of Russia’s financial market, CBR announced during the conference that it would join and benefit from peer learning within AFI’s CEMC WG. CBR currently chairs AFI’s DFS WG as well as the Global Standards Proportionality WG’s Sub-Group on Shadow Banking.

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