The Bank of Russia is taking over the administration of the RUONIA rate, a benchmark interest rate for Russia's monetary policy and public debt. This is a part of the global benchmark interest rate reform consequential to the global financial crisis.
The unprecedented crisis will require fundamental changes in Russia’s fiscal policy. Financing anti-crisis measures will involve not only using the National Welfare Fund, but also moving away from fiscal rule and using unconventional fiscal and monetary tools.
The unconventional nature of the crisis requires unconventional measures. About one third of all jobs in Russia are at risk, and the main objective is to enable those who have lost their jobs and income to return to paid work quickly when the lockdown is lifted.
Adherence to high standards of corporate governance in the banking sector can reinforce the resilience of the banking system. However, existing corporate governance practices do not help curb the risks banks take.
In 2020 Russia will see the birth of investment platforms, which are financial organizations of a new type. Through them, individuals and companies can secure loans directly from investors. However, in the majority of countries they are not subject to financial regulation.