Source: Central Bank of the Russian Federation in English
10 November 2020
The Accounts Chamber and the Bank of Russia have concluded an updated cooperation agreement. The document was signed by Head of the Accounts Chamber Aleksei Kudrin and Bank of Russia Governor Elvira Nabiullina.
‘Today, the Bank of Russia is not only subject to our inspections, but a major ally. We intend to strengthen our cooperation in order to, first of all, assess the social and economic situation and effects of the main factors related to Russia’s social and economic development. We will certainly look into the corresponding risks’, said Aleksei Kudrin.
Elvira Nabiullina noted that the relationship between the Bank of Russia and the Accounts Chamber has always been constructive.
‘It is important that today we are signing an agreement that, hopefully, will bring our cooperation to the next level. Making our activities more and more transparent to the public is in our best interest. It is a precondition for building trust to the Bank of Russia’s policy, and we see the Accounts Chamber as our key partner in this field’, she said.
The update to the agreement is necessary as the Bank of Russia’s mandate has changed since 2006, the year when it was first signed. Since then, the Bank of Russia has become a megaregulator responsible for supervision, regulation and development in all sectors of the financial market. Also, in 2018, the Accounts Chamber adopted a new Development Strategy for 2018-2024, which introduced changes to the agency’s work procedures.
The updated agreement reflects all these developments and provides for an enhanced information exchange, the exchange of expert assessments and opinions, as well as mutual consultative assistance.