OREANDA-NEWS. October issue of Money and Credit journal published

Banking Sector Liquidity Management During the Transition to Structural Surplus

Deputy Director of the Bank of Russia Monetary Policy Department Alexander Polonsky analyses the transformation of the use of instruments of the Bank of Russia monetary policy at transition to the structural liquidity surplus of the banking sector. The article helps understand that softer monetary conditions at the structural deficit is of a limited and controlled nature and the Bank of Russia is in possession of the necessary set of instruments to maintain short-term money market rates close to the key rate.

Moderately Tight Monetary Policy is Necessary to Achieve the Inflation Target in 2017

Dmitry Chernyadyev and Sergey Vlasov from the Bank of Russia Research and Forecasting Department analyse a number of risks, both internal and external, which under certain conditions might affect the reduction of price growth rates to the inflation target value (4% by 2017 end). The neutralisation of negative effects of possible realisation of inflation risks is possible through maintaining moderately tight Bank of Russia monetary policy, the article says.

On Place and Role of Cash in Global Economy (Will Cash Disappear?)

Scenarios of cash development in Russia are covered in the material prepared by banking technology consultant Victor Ionov who looks into a vital issue: when we can expect the transition to cashless payments in certain Scandinavian countries and in global economy in general.

Regulatory Sandboxes as an Instrument to Support Financial Innovations

Heads of the Association of Participants of the Electronic Money Market and Cash Transfers (EMA) Viktor Dostov, Pavel Shust and Yekaterina Ryabkova look into the creation of regulatory sandboxes – specific regimes to allow innovation companies to test their products and services in controlled sphere with no risk to infringe financial legislation. The authors analyse the ways to apply the best global practices in Russia.

Supervision and Oversight in the National Payment System: Activities of the Bank of Russia Main Branch for the Central Federal District

The structure and practice of the operation of money transfer market of the Central Federal District is analysed in detail in the article prepared by Vladislav Gridchin, Deputy Head of the Bank of Russia Main Branch for the Central Federal District. The author put forward concrete proposals aimed at a better access to payment services and upgrading high-tech services and products.