The Bank of Russia intends to oblige companies to provide, through the full repository of information about foreign loans, said the Director of Department of financial stability of Bank of Russia Sergey Moiseev.
“We intend to gradually move towards covering a larger number of tools. We have thoughts in relation to external borrowings of the corporate. We plan in the future when we will work on derivatives, centralizing information on external debt to non-residents and hope that we can make the coverage within the group including affiliated entities. This will allow us to clearly see the view on the urgency and size conditions of the debt”, – said Moiseev, reports TASS.
This need arose in connection with the depreciation of the ruble and difficulties in payments of external debts of Russian companies. “In these circumstances the question arose about what we have not quite finished the coverage of external debt of corporations”, – said Moiseev.
The project may take several years. The Central Bank expects to create a regulatory framework to collect information this year, and next year the Bank will require companies to comply with the rules.
The availability of complete data on external debt of companies makes it possible to accurately assess the impact of debt on the balance of payments and the rouble, Moiseev emphasized.