The Central Bank of Russia published a report, Main Macroprudential Policy Approaches, setting out how it uses macroprudential tools in combination to reduce financial system risks, following a notable expansion of its toolkit in 2025. The update highlights the start of limits for mortgages and car loans, the use of add-ons to address risks from large highly leveraged companies, and the first introduction of a positive countercyclical buffer rate. The report systematises the main principles for deploying these instruments, drawing on experience accumulated since 2013, and explains how systemic risks are identified and decisions are made at different stages of the financial cycle. It also describes how tools interact with each other and clarifies that macroprudential policy is not a tool for ensuring price stability. Decisions on all applied tools are assessed comprehensively on a quarterly basis to account for their combined effect on financial institutions. Starting from 2026, the Central Bank of Russia will publish the schedule of the Board of Directors’ macroprudential policy meetings on its website.
Central Bank of Russia 2025-05-23
Central Bank of Russia publishes macroprudential framework report after expanding toolkit and setting first positive countercyclical buffer
The Central Bank of Russia released a report on its expanded macroprudential policy toolkit, including new limits on mortgages and car loans, add-ons for large leveraged companies, and a positive countercyclical buffer rate. The report outlines principles for using these tools, emphasizing their role in reducing financial system risks rather than ensuring price stability. From 2026, the schedule for the Board of Directors’ macroprudential policy meetings will be available online.