Policy Papers

Anastasia Luzgina| 07.05.2020

New challenges and features of the financial sector functioning in the conditions of pandemic

The policy paper considers the recommendations of the International Monetary Fund and analyses the measures that central banks take to support and enhance the quality of financial institutions work with economic entities, including customers, that are most affected by the coronavirus pandemic. The author concludes that today the level of financial sector digitalization influence on its quality and success. More over the digitalization of financial sector are considered as a necessary process for improving (not deterioration) the quality of life in the conditions of social distance. As Asian countries were the first who affected the impact of coronavirus epidemic, the study provides examples of Asian banks responding to the challenges facing national economies in pandemic conditions. A brief overview of the importance of Fintech market developing in deterioration of epidemiological situation is also presented. Based on the analysis, the final part of the study describes recommendations of the national financial system development in new economic conditions.

The Policy Paper is available only in Russian.