On 31 May in Krasnodar Vasily Vysokov, Chairman of Center-invest Bank’s Board of Directors, Professor and Doctor of Economics, took part in public consultations on the Review of Bank of Russia’s monetary policy.
The event was attended by over 300 people from all regions of Southern Russia: top managers from the Bank of Russia, business companies, heads of state authorities, non-profit associations and scientific institutions. The main goal of the event was to obtain the opinion of broad public on the Review of Bank of Russia’s Monetary Policy and formulate the proposals for acceleration of Russian economy’s structural transformation.
Professor Vysokov shared the experience of Center-invest Bank in implementation of the ESG banking model by a regional lending institution, pointed out the prospects and priorities of monetary policy for development of the region and readiness to give practical support to the initiatives offered by the Bank of Russia.
Digitalisation of ESG banking made it possible for Center-invest Bank to create the world’s first ESG balance sheet, represent the business plan reports and indicators (balance sheet, credit portfolios and payment volumes) in the taxonomy of Sustainable Development Goals. Center-invest Bank has developed the ESG rating methodology for SME. Clients with high ESG rating obtain loans at discounted rates, which is an example of the win-win strategy when both the bank and the clients reduce their risks through sustainable business.
The experience in localisation of ESG banking, as well as the established software and methodological support, turned out to be in high demand for building the taxonomy of projects for technological sovereignty (TS) and structural adaptation (SA) of Russian economy. The taxonomy of the TS and SA projects approved by the Bank of Russia will make it possible to develop the systems of incentives, penalties and standards, as well as to simplify, digitalise and automate the bank lending procedures for such projects.
Evolution of financial architecture and development of the digital ruble in Russia will close the standard payment chains in the region, ensure the transition of budget financing to smart contracts and increase the finance turnover through acceleration of the digital ruble circulation.
The Review of Bank of Russia’s Monetary Policy is a great methodological foundation for a regional bank operational self-analysis and active dialogue with the regulator.