The scenarios assume a period of tight monetary policy in Russia, followed by slowing price growth and recovering government bond yields. They also clarify how funds should calculate the future value of bonds whose payments depend on the key rate. Developed with the sector’s self-regulatory organization, the advance release continues the approach used for the 2025 scenarios.
2026-09-14Central Bank of Russia
Central Bank of Russia updates pension fund stress tests for inflation and foreign market volatility
The Central Bank of Russia has updated stress testing scenarios for non-governmental pension funds, which will apply them from September 30, 2026. The scenarios cover faster advanced-economy inflation, foreign market volatility and a period of tight Russian monetary policy, while clarifying the valuation of bonds linked to the key rate.