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.