Analysis of the stability of Russia's financial system

Subject. The stability of Russia’s financial system. Objectives. To analyze and characterize the stability of Russia’s financial system. Methods. General scientific and special economic-mathematical methods were applied. Results. An intensive expansion of bank lending has been revealed, exceeding the growth rate of the money supply and increasing the risks of liquidity shortages. The banking sector directs credit resources primarily to the real economy, thereby boosting its economic activity. At the same time, the growth rate of consumer lending significantly outpaces the dynamics of interbank operations, which increases overall domestic demand. It has been found that since the beginning of the special military operation, the volume of circulating debt securities periodically exceeds the capitalization of the stock market. A positive real interest rate helps reduce inflation, but simultaneously limits access to borrowed funds. High dynamism and intensity in the development of Russia’s financial system have been identified. There are growing risks of a shortage of highly liquid assets, rising interest rates, and reduced efficiency in interactions among second-tier banks. This necessitates the application of macroprudential regulation by the Bank of Russia. Conclusions. The findings are useful for government authorities, investors, commercial banks, and issuing companies in shaping financial strategies and responding to economic challenges.