Category: Central Bank of Russia

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Source: Central Bank of Russia

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Twenty-two regions participated in the qualifying round. Competition for the title of "Capital of Financial Culture" will continue 13 of them: Altai Krai, Bryansk Oblast, Transbaikal Krai, Kaliningrad, Omsk and Oryol Oblasts, Primorsky Krai, the Republic of Bashkortostan, the Komi Republic, the Republic of Sakha (Yakutia), the city of St. Petersburg, Tver and Ulyanovsk Oblasts.

Regions will present their projects to improve financial literacy and foster financial culture, which they will implement if they win. The competition results will be announced in March 2026 at the National Center "Russia."

The All-Russian competition "Capital of Financial Culture" is being held as part of the Strategy for Improving Financial Literacy and Forming Financial Culture until 2030. The organizers are the Bank of Russia and the Ministry of Finance of Russia.

The competition's goal is to stimulate the development of financial education in the regions. Winners receive the "Capital of Financial Culture" status for one year, along with informational, expert, and methodological support from the Bank of Russia and the Ministry of Finance.

In 2025, the Krasnoyarsk Krai and Nizhny Novgorod Oblast won the competition, presenting large-scale projects that span the region and could be expanded nationwide.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Source: Central Bank of Russia

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On the first day, a plenary discussion will be held, "Combating Cyber Fraud: Towards a Common Goal," featuring Bank of Russia Governor Elvira Nabiullina. Speakers will discuss how the measures taken have impacted the fight against money theft and what future steps might be taken.

Other relevant topics include innovations in banking anti-fraud systems, countering deepfakes and dropper attacks, the specifics of cooperation between banks and telecom operators to protect against cyber fraud, and import substitution in the credit and financial sector. Discussions are planned on the security of digital and payment technologies, including the digital ruble and Open APIs, the use of biometrics in microfinance organizations, and issues of international coordination in the fight against cyber fraud. In total, program more than 30 sessions.

The forum's experts will include representatives of the Bank of Russia and federal government agencies, top managers and specialists from financial institutions, and leading companies in the field of information security.

The Cybersecurity in Finance forum will be held February 18–20 in Yekaterinburg.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Source: Central Bank of Russia

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This year, the curriculum will feature an updated lesson on droppers. Students, along with superheroes with magical powers—characters featured throughout all classes—will learn how scammers recruit helpers and the consequences for those involved in these schemes.

High school students will benefit from a career guidance module taught by professors from Russian universities. The lessons "Profession: Financier" and "Profession: Business Informatics Specialist" are moderated by staff from the Higher School of Economics, while "Profession: Teacher" is moderated by staff from the Nizhny Novgorod State Pedagogical University.

The schedule includes approximately 700 broadcasts on 29 financial literacy topics. They feature 250 financial experts from across the country, including employees of the Bank of Russia and the Moscow Exchange, as well as representatives of commercial banks and insurance companies.

You can join online lessons as a whole class or individually. The class schedule is adapted to different time zones, so students from all over the country can join at a convenient time.

The spring session will last until April 22 inclusive.

The dates and times of the first classes of the session and a catalog of all lessons can be found on the project websiteThe schedule will be updated.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Source: Central Bank of Russia

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Annual inflation in 2025 was 5.6%, compared to 9.5% a year earlier.

Non-food items saw the smallest price increase last year, down 3.0% on average. Some items saw price declines, including footwear, communications equipment, personal computers, electrical goods and appliances, television and radio equipment, tools and equipment, and automobiles. Meanwhile, services increased in price by 9.3%, and food by 5.2%.

Monthly price increase excluding seasonality In December, the annualized price increase was 2.6%. Gasoline and sugar prices continued to fall. Egg, vegetable, and fruit prices also saw low growth for December.

Sustainable inflation rates remained in the range of 4–6% on an annualized basis.

The Bank of Russia will maintain the tightness of monetary conditions necessary to return inflation to 4%.

For more details, see the Bank of Russia's analytical commentary. Inflation in Russia.

Preview photo: Sergey Savostyanov / TASS

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Source: Central Bank of Russia

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On January 20, 2026, the Bank of Russia will issue a commemorative silver coin of 2 rubles “Writer M.E. Saltykov-Shchedrin, on the 200th anniversary of his birth” from the “Outstanding Personalities of Russia” series (catalog no. 5110-0192).

Mikhail Saltykov-Shchedrin was a Russian writer and one of the most renowned satirists of the 19th century. He penned familiar satirical fairy tales, including "The Wise Minnow," "The Tale of How One Peasant Fed Two Generals," and "The Idealist Crucian Carp," as well as novels such as "The History of a Town" and "The Golovlyov Family."

A silver coin with a denomination of 2 rubles (pure precious metal weight – 15.55 g, alloy fineness – 925) has the shape of a circle with a diameter of 33.0 mm.

There is a raised edge around the circumference of both the front and back sides of the coin.

The obverse of the coin features a relief image of the State Emblem of the Russian Federation, along with the inscriptions: "RUSSIAN FEDERATION", "BANK OF RUSSIA", the coin denomination "2 RUBLES", the year of issue "2026", the metal type according to D.I. Mendeleyev's Periodic Table of Elements, the alloy fineness, the trademark of the St. Petersburg Mint, and the pure weight of the precious metal.

The reverse side of the coin features relief images of a portrait of M.E. Saltykov-Shchedrin and figures of the mayors of the town of Foolov from the work "The History of a Town"; along the rim are inscriptions: on the right – "M.E. SALTYKOV-SHCHEDRIN", at the bottom left – "1826-1889".

The side surface of the coin is corrugated.

The coin is made in proof quality.

The mintage of the coin is 3.0 thousand pieces.

The issued coin is legal tender in the Russian Federation and must be accepted at face value for all types of payments without restrictions.

When using the material, a link to the Press Service of the Bank of Russia is required.

January 19, 2026, 1:58:55 PM

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Source: Central Bank of Russia

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The Bank of Russia has summarized the results of a pilot project to assign non-credit ratings to ordinary shares of Russian issuers. These ratings will provide additional guidance for retail and institutional investors when making long-term portfolio decisions.

The first star ratings (on a scale of one to five) were received by issuers fromshareholder value creation programs from two credit rating agencies – National Credit Ratings AndNational Rating Agency.

A non-credit equity rating is an agency's expert opinion on the fair value of companies, taking into account the quality of corporate governance, information disclosure, and shareholder protection, as well as the investment attractiveness of their securities over a one-year horizon. Its value is determined by comparing the current and fair values of shares. Extreme values indicate either overvaluation or undervaluation of the shares by the market and can serve as a signal for investors when purchasing securities.

In 2026, the Bank of Russia plans to include in its regulation the use of such ratings in the financial market.

Preview photo: Natalya Bozadzhy / Shutterstock / Fotodom

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Source: Central Bank of Russia

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2026 will be the year of major transformation of microfinance organizations

In an interview with TASS, Ilya Kochetkov, Director of the Bank of Russia's Non-Bank Lending Department, discussed the innovations for microfinance organizations (MFOs) starting this year and the main risks in the microloan market.

– Ilya Aleksandrovich, what do you think will be the main trends in the microfinance market in 2026, based on this year's results?

2026 will be a year of significant transformation for the microfinance market. Several significant innovations will come into effect, aimed at limiting consumer indebtedness and eliminating unfair practices in the microfinance market. One of these is a limit on the number of high-cost loans in operation simultaneously. A transition period for implementing this regulation will begin in October of this year. During the initial phase, microfinance organizations will not be able to issue more than two loans to a borrower with a total consumer credit interest rate (TCA) exceeding 200% per annum. Beginning in April 2027, restrictions on "one loan per borrower" with a TCA exceeding 100% per annum will come into effect. Furthermore, a three-day cooling-off period will be established between such loans.

This should stop the practice of dragging citizens into a debt spiral using "loan chains," where each new loan snowballs into a debt pile. Furthermore, starting January 1, 2026, microfinance organizations (MFOs) will no longer be able to take into account borrowers' self-reported income when assessing their clients' debt burden. They will be required to either require official proof of income or assess it based on the average per capita income in the region. This will eliminate the practice of MFOs circumventing macroprudential limits by artificially increasing the borrower's debt burden ratio (DBR), inflating their income to several million rubles, even though the loan amount may be 10,000-20,000 rubles.

Compliance with the new rules will require companies to revise their approaches to assessing borrowers and eliminate practices that lead to excessive indebtedness. Starting March 1, 2026, microfinance companies will also be required to identify borrowers using the Unified Biometric System when signing contracts online, which could significantly impact the availability of services to individuals. We see that the market has already begun to prepare for the new regulatory environment. The lending market is gradually cooling. We expect this trend to continue this year.

– How much has the largest microfinance institutions' share of total loans issued increased in 2025? Will this concentration lead to competitive risks and higher borrowing costs for end borrowers?

The top 10 microfinance organizations currently account for approximately 70% of the total volume of loans issued. Compared to 2024, we are indeed seeing increasing market concentration. Large players are gaining strength, while smaller companies are finding it increasingly difficult to adapt to market conditions and new regulatory requirements. In this situation, we are seeing increased competition among large players for high-quality clients. Large microfinance organizations, with significant capital reserves, offer clients more favorable terms. This is contributing to lower rates in the market overall.

Until recently, interest rate differentiation was virtually nonexistent in the microfinance market. There was no correlation between the APR and the risk of loan default. Companies, while able to issue loans at the highest possible interest rates, did not offer reduced rates to high-quality borrowers.

We have systematically introduced regulations to encourage microfinance organizations to differentiate interest rates. Starting in October 2024, disincentive loss reserves and increased risk coefficients were introduced for loans with an APR of 250%. This puts pressure on microfinance organizations' capital and makes issuing expensive loans unprofitable. All these factors combined have already led to some differentiation in rates. Starting in April 2026, these measures will apply to loans with an APR of 150%. These regulatory changes will facilitate the formation of a continuous pricing range, allowing reliable borrowers to obtain loans on more favorable terms.

– What do you think should be improved in the legislative framework for the operation of microfinance organizations?

The microfinance market today consists of three main areas: consumer loans for individuals, POS lending and loans for large purchases, and business loans. Innovations are expected in each of these areas. This year, we plan to define three categories of companies in the market: entrepreneurial finance companies, retail finance companies, and microfinance organizations. Depending on the type of these organizations, they will have differentiated limits on certain transactions and prudential standards.

This differentiation is based on the significantly different risk profiles of the three proposed segments. This includes varying levels of delinquency across loan portfolios, and the different contributions of each segment to household debt. Market segmentation is aimed at stimulating the activities of companies providing loans to individuals and businesses at moderate interest rates, as well as eliminating negative practices in the consumer microloan market. A corresponding bill is currently being drafted.

– In 2025, the Central Bank repeatedly noted the rise in overdue debt in the microloan segment. What measures, other than limiting the debt burden, is the regulator currently considering to curb this trend?

To reduce delinquency, it's necessary to improve the quality of risk assessment at the application approval stage in microfinance organizations. Despite their obligation to calculate the debt burden ratio and adhere to macroprudential limits, microfinance organizations (MFOs) use various methods to circumvent these requirements. For example, as I've already mentioned, they inflate the borrower's income to artificially increase the DTI. We, in turn, are amending the regulation in this area. Starting in July 2025, MFOs will no longer use imputed income assessments based on borrower expenses on loans and borrowings. Starting in the new year, the declarative income assessment procedure will be abolished. The only alternative to officially verified income will be the per capita income in the borrower's region of residence.

Starting in July 2027, only official income will be allowed to be used to calculate the DTI. This will improve the quality of debt assessments and, consequently, reduce the level of risk and delinquency. The introduction of limits on the number of concurrent loans will also be significant. Uncontrolled debt growth will be curbed. We also anticipate that, at the outset of these restrictions, there may even be an increase in delinquency across the market overall. Loan chains allow companies to camouflage borrower defaults—more than half of the loans within them were never formally delinquent. However, when the refinancing of such loans is prohibited, they will move out of the gray zone, which could lead to an increase in delinquency on MFI balance sheets.

– You previously mentioned schemes using "technical" microfinance organizations to circumvent restrictions. Were you able to significantly reduce the number of such schemes by 2025, and what was the main challenge in combating them?

"Indeed, there are practices where MFIs create multiple companies at once to protect themselves from exclusion from the register or to use them to circumvent existing regulations. That's why, to effectively eliminate practices that draw borrowers into a debt spiral and eliminate loan chains, we are expanding the "one loan per client" rule to the entire market, not limiting it to refinancing practices within each individual MFI."

– What do you think about the periodic calls in the State Duma to ban microfinance organizations?

Banning microfinance institutions (MFIs) isn't the answer. Currently, approximately 15 million citizens are MFI borrowers. We can't deny that MFI services are in demand; they allow people to obtain loans quickly and easily, often directly at points of sale. And we mustn't forget that MFIs aren't just short-term "payday loans." They also offer POS lending and loans for large purchases, which I've already mentioned. This segment is developing very rapidly. Finally, it's about lending to small businesses. It's not MFIs that need to be banned, but rather the unscrupulous practices in this market. This is precisely what the measures I've mentioned will address.

The Bank of Russia has announced a pilot project to create specialized mortgage microfinance organizations to finance projects in the "mortgage scissors." Which regions are planning to launch this pilot project first, and why?

Mortgage microcredit companies (MCCs) began operating on October 22, 2025. Their primary goal is to increase housing affordability in the regions. The Bank of Russia oversees and maintains a register of such companies. Currently, there are four organizations. The register is published on our official website. Importantly, the Bank of Russia does not determine the geographic scope of mortgage MCCs—each region of the Russian Federation decides for itself whether to establish one in its region.

– What specific restrictions on borrowers, properties, and rates will be established for such mortgage microfinance organizations to avoid a recurrence of the risks typical of the microloan market?

A basic set of regulatory requirements has been established for mortgage MCCs from the very beginning. A mortgage MCC must be 100% owned by a constituent entity of the Russian Federation. Furthermore, only one mortgage MCC can exist in a single region. A moratorium on applying the APR limit on mortgage loans is in effect for such MCCs until March 31, 2026, to allow new companies to adapt to market conditions.

We believe that final regulation should be finalized after the accumulation of law enforcement practice. However, if significant deficiencies in their operations or systematic violations of the law are identified, we may establish additional requirements in accordance with the law and promptly adjust their operations.

How do you assess the current state of microfinance institutions (MFIs) in the market, and what are the Central Bank's plans for their development in 2026?

Our regulatory changes to the microfinance market are aimed at ensuring that companies operate openly and honestly and avoid practices that circumvent the law, mislead citizens, and lead to increased indebtedness. We expect the market to respond to these changes by transforming its business processes, rethinking approaches to assessing borrower quality, and adjusting scoring models, rather than seeking ways to circumvent the new regulations. This is important for fostering a positive image of the market and for its future.

Alisa Stepanova, TASS

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Source: Central Bank of Russia

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The Bank of Russia on its website launched the servicewhere you can anonymously report cases of insider trading and/or market manipulation.

There, you can report on insider deals, disclosure of insider information, collusion among trading participants that led to market volatility, violations of insider trading policies at companies, and so on. If you have supporting documents, you can attach them to the report.

Such information will provide the Bank of Russia with a reason to study the situation and, if necessary, take action.

The service does not provide feedback or compensation to the author of the message.

Preview photo: Team_C3 / Shutterstock / Fotodom

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.