MOSCOW, March 29. /TASS/. The Bank of Russia has submitted its annual report for 2023 to the State Duma (lower house of the parliament), the press service of the regulator reported.

"Annual report of the Bank of Russia shows the contribution of financial system to recovery and development of the economy," the report said.

Annual report of the Bank of Russia has been compiled in accordance with the federal law "On Central Bank of the Russian Federation (the Bank of Russia)." The document includes information about the activities of the Bank of Russia, the analysis of the state of the country’s economy, including of the financial market, payment balance, national payment system, as well as annual financial report of the Bank of Russia, audit report on it, information on the decision made by the National financial council regarding the assessment conducted and the findings of the Accounts Chamber of the Russian Federation.

"In 2023, the economy continued adjusting to new external conditions. The economy returned to the pre-crisis level by the middle of the year. Companies reorganized their activities successfully. Consumer activity recovered. GDP grew by 3.6% by the end of the year. In this situation the task of the financial sector is to facilitate the structural transformation of the economy and its balanced sustainable growth. Its key condition was the consistent policy of the Bank of Russia to maintain price and financial stability. For the financial market to efficiently accumulate savings and transform them into investment, the Bank of Russia took on the task of building confidence of households in the financial market, support of long-term financing of the economy. The measures of the Bank of Russia on digitalization of the financial market and development of the payment system and settlements facilitated access to financial instruments for citizens and business," the report said.