A. M. Proskurin, candidate of economic sciences
It is well known that making a profit is an engine and ultimate goal of any business, regardless of scale and orientation. A prerequisite for the achievement of profit is the recognition of the usefulness of commercial activity through the sale of its product (service) in the market, which forces the entrepreneur to maximize the specific costs regarding prices. By the growth of mass and accumulation norms, a positive assessment of business development is given.
But the results of the financial activity of the Central Bank require consideration from a different point of view. His profit is specific in that it is, as it were, conditionally related to the labor contribution, since it is formed mainly as a result of the use of unlimited ruble emission, due to which the main bank provides commercial banks under the percentage of loans and buys a foreign currency that gives income.
In 2017. The profit of the Bank of Russia compared to the previous year has increased four times, from 24, 6 billion. up to 100 billion. rub. According to experts, the main reason for this growth was a sharp jump in the volume of refinancing of commercial banks. According to the review of the Central Bank, as indicated by RBC Daily, the volume of “loans and deposits received by credit organizations from the Central Bank for 2017., grew almost 100 times, from 34 billion. up to 3, 17 trillion. rub.”. In the conditions of crisis paralysis of the interbank market and the outflow of customer funds, banks were forced to apply for resources with an increased rate only to the lender of the last instance to eliminate the ruble liquidity deficiency.
With a certain degree of sarcasm, someone can say that the Central Bank earned well by removing the Scalp from the economy, which fell into a difficult position. Formally, this is so, but the actions of the main bank were adequate to the situation: the threat of loss of trust in business banks was such that a significant part of the loans was promptly received from the Central Bank even without collateral protection, t. e. without security.
According to the legislation, at least 50% of its profit, the Bank of Russia must transfer to the federal budget. However, with its coarse deficiency for 2018. Member of the State Duma Committee on the Financial Market A. Aksakov believes that it is necessary to “raise the question of the 100 percent deduction of the profit of the Central Bank”. This approach seems to be a radical, completely depriving a consumable base. Given the increase in reserve funds and the satisfaction of other needs of the Bank of Russia, the norm of maintaining its part of its profit, in our opinion, can be reduced to 12% – four times, which corresponds to the multiplicity of the increase in annual profit in conditions of economy illnesses.
