Reference
The directive approves the state programme Developing Financial and Insurance Markets and Creating an International Financial Centre.
The programme’s objectives are:
- to increase the trade volume on the stock market almost fourfold (by 280%) by 2020;
- to increase public offerings in the domestic market (at market value) to 1.8 trillion roubles by 2020.
The programme aims to achieve the following targets by 2020:
- aggregate assets (liabilities) in the banking sector – 89% of GDP;
- insurance premiums – 5% of GDP;
- financial market players who believe that legislation, regulation and prudential control improved over the past year – 100%;
- aggregate investment portfolio of private pension funds and universal life insurance – 5.5% of GDP;
- competitiveness should reach 10/10 on the Global Financial Centers Index and Xinhua-Dow Jones International Financial Centers Development Index.
The draft of the programme was approved at a Government meeting on 13 February 2013.