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Business Duty Officer

Sufficiently optimistic forecasts of the Central Bank are not unfounded

Sufficiently optimistic forecasts of the Central Bank are not unfounded

We wrote, that the State Duma of the Russian Federation adopted a resolution on the main directions of the unified state monetary policy (DCP) for the next three years. Head of the Central Bank of the Russian Federation Elvira Nabiullina presented the main directions of the monetary policy to the deputies.

The policy of the Central Bank was evaluated by a member of the General Council of "Business Russia", Head of the Expert Center for Criminal Law Policy and Enforcement of Judicial Acts Ekaterina Avdeeva.

Stability and resilience

– Competent monetary policy of the Central Bank made it possible to curb inflation, as well as to prevent panic in the financial markets, contributing to the maintenance of investment activity. Timely support of credit institutions allowed them to maintain their stability, it is happened, also, thanks to the progressive cleansing of the sector from obviously weak players, who could not survive in today's conditions. noteworthy, that during the NWO period there were no cases of license revocation. This confirms the resilience of the credit market despite the economic downturn and a short “shock” period..

Investment activity and increasing the level of financial and legal literacy

– In its consistent work in the field of lending, the Central Bank places special emphasis on investment activity. Today, the real sector of the economy is of great importance for the development of import substitution and inspires hope, that we will indeed overcome the fall in GDP by 3,3% and reach stable growth. The decline in investment predicted by some experts by 20% Did not happen, domestic business continues to develop and feel better, than in the West.

It is important to ensure the entry of new players into the market, and to define a legal growth strategy for small, medium and large firms. Most of the time it's about young entrepreneurs., who remained, work, believe in our country, ready to invest, develop the economy and develop themselves. Despite his "fuse", such entrepreneurs often do not have sufficient knowledge. In the long term, it is advisable not only to stimulate the expansion of the share of young companies in the market, but also to increase the basic level of financial and legal literacy and awareness.

business climate

– However, it should be noted, that monetary, Fiscal and regulatory measures to stimulate investment activity will not have the predicted effect without a favorable business climate. Unfounded claims, which are presented after the expiration of the statute of limitations, for example, to a bona fide purchaser in bankruptcy; criminal proceedings, that are initiated and investigated without respect for legal safeguards, provided by the state for entrepreneurs; seizure of property and an infinitely long non-inclusion as material evidence - these and other stop factors raise the question of the reliability of investments. It is worth mentioning the need to simplify and make more understandable licensing procedures., while not reducing the criteria and verifying those aspects, which are critical.

These questions are systemic., affect qualifications., and procedural aspects. It is important to secure business from administrative barriers and coercive pressure, as well as from illegal actions by unscrupulous players. We think, that the organization of the protection of the rights of business entities should be included in the sphere of criminal law policy, which will ensure a consistent change in legislation, rather than point and chaotic adjustments. The full potential of a competent policy of the Central Bank will not be used without the settlement of these aspects.

Cybersecurity and the digital ruble

– It is worth paying attention to, that the Central Bank indicates the need for cyber security. With the digitalization of any processes, the question of identifying citizens and protecting personal data arises, as a digital user profile is formed, which can be used by attackers in illegal actions. Speaking today to representatives of the security services of financial and credit institutions, we drew attention to the need to prevent the leakage of personal data, ensure the security of the system itself, as well as protect customers from illegal actions on the part of employees.

Following the trend of digitalization dictated by time, The Central Bank also voiced the need for structural restructuring of the Russian economy and the development of the digital ruble. With the limited use of traditional currencies, this independent, a bank-friendly settlement system can ensure full transparency of settlements and stability of the financial system, and also become an off-sanction mechanism for trade with international partners. At the same time, legislation in the field of circulation of digital financial assets is far from perfect.. The existence of a federal law dated 31 July 2020 y. No. 259-FZ “On digital financial assets, digital currency and on amendments to certain legislative acts of the Russian Federation” does not regulate the circulation of digital currencies in the ordinary course of business and does not yet allow investors to confidently invest in digital financial assets. Achieving ambitious financial goals is possible only if this area is properly regulated.

It is important to understand, that the rather optimistic forecasts of the Central Bank are not unfounded. We are talking about lowering inflation and lowering the key rate, which will stimulate further lending and investment activity and, together with other factors, will lead to the sustainable development of the Russian economy. Thus, we can fix, that the sanctions policy towards Russia not only failed to achieve its goal, but also acted as a stimulus for the economic development of our country.

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