"The Board of Directors of the Bank of Russia has approved a normative act on macroprudential limits and, after registration, will consider the issue of establishing macroprudential limits on consumer loans and borrowings for banks and microfinance organizations from July 1, 2022," TASS reports with reference to the materials of the Russian regulator.
The task of macroprudential regulation is reduced to a number of measures aimed at reducing financial risks, in which most of the participants in the financial sector lose liquidity or become insolvent.
Earlier, the senators approved amendments to the law “On the Central Bank of the Russian Federation (Bank of Russia)” and articles 9 and 14 of the law “On microfinance activities and microfinance organizations”.
According to the document, the Central Bank "is empowered to establish macroprudential limits for credit and microfinance organizations, their validity period, and for microfinance organizations that carry out professional activities in providing consumer loans, separate economic standards."