The Central Bank considered the 2022 crisis to be the most difficult of the three major crisis periods in Russia in recent years (the first two are 2014-2015 and 2020). This should from the report “Evaluation of the Effectiveness of the Bank of Russia’s Anti-Crisis Measures” published on the regulator’s website.
“The biggest shock for the Russian market was the 2022 crisis. An unprecedented package of sanctions restrictions imposed by Western countries, particularly the largest Russian banks, has led to individual market participants losing access to international financial infrastructure, disrupted transactions with non-residents and disorganized banks. system of foreign trade agreements,” the report says.
The Central Bank emphasized that the feature of the crisis last year was that not only banks and companies, but also Russia’s financial authorities were exposed to sanctions. The restrictions affected the Ministry of Finance and the Central Bank. The regulator explained that the Russian economy was experiencing a systemic structural shock, depriving the Central Bank of its ability to trade in dollars and euros in the foreign exchange market. The regulator has decided to implement certain elements of strict currency regulation and currency control. In addition, the key rate was increased to a record 20% per annum. The Central Bank accepts that in the future, banks may experience FX liquidity shortages periodically. This is due to the large outflow of money from foreign currency deposits against the backdrop of an unstable geopolitical situation. He converted money into cash or rubles, including for citizens transferred abroad.
The first crisis was caused by the fall in oil prices on the backdrop of the shocks, a foreign exchange deficit was formed. The regulator emphasized that the period 2014-2015 showed a strong dependence on the foreign payment infrastructure of Russian banks, and therefore it was decided to create the Mir payment system. Banks received relief funds from the regulator, the key rate increased to 17%. The second crisis was global in nature and took place under the influence of the pandemic, with oil prices also falling under restraint conditions. Among the support measures, there was also easing for market participants.
formerly Siluanov said about pessimists and optimists.