The Central Bank of Russia has updated the stress testing scenarios for non-governmental pension funds (NPFs), which will apply from 31 March 2026, to assess NPFs’ resilience to adverse economic developments and related securities market reactions. The scenarios assume a subsequent gradual recovery in government bond yields and inflation returning to target. The updated scenarios add assumptions for forecasting the value of yuan-denominated bonds and changes in prices for bullion that NPFs are allowed to buy for pension reserves. Following consultations with the NPF self-regulatory organisation, the scenarios also incorporate a longer period of heightened credit risks. The central bank has published stress testing scenarios in advance since September 2025, a practice it says improves the quality of market participants’ risk assessments and makes supervisory actions more predictable.
Central Bank of Russia 2026-03-11
Central Bank of Russia updates stress testing scenarios for non-governmental pension funds effective 31 March 2026
The Central Bank of Russia has revised stress testing scenarios for non-governmental pension funds (NPFs) to evaluate their resilience to economic challenges, effective 31 March 2026. The scenarios include assumptions on yuan-denominated bonds, bullion prices, and extended credit risk periods. This update follows consultations with the NPF self-regulatory organisation and aims to enhance risk assessment and predictability of supervisory actions.