Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG

    Central Bank of the Russian Federation Sees No Pressing Issues on the NPF Market, Says Nabiullina

    Saint Petersburg. 8 June. INTERFAX. The Central Bank of the Russian Federation does not see any pressing issues on the Non-State Pension Funds (NPF) market that would require rehabilitative measures, the Governor of the Bank of Russia Elvira Nabiullina told journalists on the sidelines of the International Financial Congress.

    “So far we do not see such issues,” said the head of the Central Bank.

    Nabiullina stated that the system of non-state pension funds is generally stable.

    “We are currently applying rehabilitative measures to the banking sector and insurance companies, but not for NPFs. However, maybe the issues are less pressing, because we already have guaranteed mandatory pension savings, a whole system of guarantees. If something happens to a non-state pension fund, the Central Bank allocates funds to compensate for the nominal value of these savings,” Elvira Nabiullina reminded.

    “Of course, we still have an issue with pension reserves, with voluntary pension savings, so we continue to discuss a mechanism for the rehabilitation of non-state pension funds,” added the Governor of the Bank of Russia.

    Source: Interfax News