The Financial System: Stability for Growth

6–8 June 2018, ST. PETERSBURG



    Senior Deputy Governor of the Bank of Russia Ksenia Yudaeva met with journalists at the Bank’s press centre on July 10 to talk about the upcoming International Financial Congress, its keynote and programme.

    According to Ksenia Yudaeva, the “Finance for Development” keynote has been chosen to mark the beginning of a new Russian and global economic cycle and transition by Russia’s economy from stabilization to growth. Central Bank officials, banking industry leaders and experts will meet at the Congress to discuss the financial sector’s development over the next five years.

    The Congress will open with an address by Russia’s Central Bank Governor Elvira Nabiullina, who will speak about the Central Bank’s policies in an environment of economic growth.

    International session panelists, former and incumbent top executives of central banks in Malaysia, Israel, Poland, Finland, Croatia and the Czech Republic will share their experience of going through the stages of financial market development that Russia’s Central Bank is going through now. Discussion subjects will include international bank regulation trends, the impact of global markets on Russia’s financial sector, stabilization of inflation expectations and the link between the banking sector’s restructuring and its development.

    “Russia is greatly interested in the experience of Eastern European countries. In Central Bank terms, Poland has gone through all the stages we have gone through, only earlier. Back in the day, Poland reigned in terms of hyperinflation, then transitioned to inflation targeting, and stabilized inflation at a low level. The Czech Republic stabilized inflation at a low level around 15 years ago. We are interested in this experience and in their assessment of how effective those policies would be amid free capital flows”, Ksenia Yudaeva said.

    A Dialogue between Russia’s Economic Development Minister Maxim Oreshkin and Central Bank Governor Elvira Nabiullina deserves special attention. Both officials will discuss development of competition and the influence of other inflation drivers on Russia’s economic growth, as well as steps that may keep the economy of a growth path.

    Seven macroeconomic and financial studies undertaken by the Bank of Russia will be a highlight of the IFC business programme. The studies concern the supervision policy and its impact on competition in the banking sector, the financial market structure and development outlook, bondization and internationalization of the rouble.

    Data security will be discussed for the first time at the IFC. A special session will be dedicated to modern challenges and threats, as well as to data security requirements.