MOSCOW, November 19. /TASS/. The Bank of Russia will earn profits as of the end of this year that are comparable with the last year, with funds to be transferred to the federal budget, Governor Elvira Nabiullina said at the plenary session of the State Duma, the lower house of the Russian parliament.

"We received profit in 2023, having transferred 105 bln rubles ($1.04 bln) to the budget in 2024 according to results of 2023. We see now however that we will receive profits comparable with the last year. Funds will be transferred to the budget according to the procedure," she said.

One of the reasons of profits growth with the Central Bank is the rise in revenues from operations with banks receiving funds from the regulator to meet standards, Nabiullina noted. "There are no risks related to profits or losses of the Central Bank that are transferred to the banking system. Profit-making or lossmaking of the Central Bank does not influence the stability of the banking system. I would lik to remind that profit earning in itself is not the objective of operations of the Bank of Russia, just as for any other central bank globally," she added.

Profits of the Bank of Russia stood at 140.4 bln rubles ($1.4 bln) in 2023.