Mikhail Mishustin: “The main task now is to take medium-term measures to restore the growth rates. This requires comprehensive development of all sectors – equity, banking, insurance and pensions. The Government and the Bank of Russia must pool their efforts to develop effective instruments that meet the challenges of the new time.”
Mikhail Mishustin’s opening remarks:
Good afternoon, colleagues.
Strategic session on developing domestic financial system
Today, we will review the strategic issues of the development of our financial system. It needs serious adjustments during the sanctions and restrictions. Above all, we must create effective mechanisms that will allow us to provide enough liquidity for our economy, ensure the sustainability of our companies and whole industries and preserve jobs.
In his remarks at the St Petersburg Economic Forum, the President emphasised the need to strengthen our country’s financial self-sufficiency and independence. This is very important because today, both businesses and people are facing difficulties. The main task now is to take medium-term measures to restore the growth rates. This requires comprehensive development of all sectors – equity, banking, insurance and pensions.
The decisions we made jointly with the Bank of Russia have stabilised the markets and the banking system and reduced the risk of inflation, which is now having a positive effect on the dynamics of consumer demand.
To make long-term loans accessible to businesses, it is important to enhance trust in sectoral institutions and offer attractive terms to all investors – from Russia and our partner states – with reliable mechanisms for protecting their rights and interests.
It is also necessary to continue raising the share of international settlements in roubles and to gradually renounce the use of currencies of unfriendly states.
As for other priority tasks, it is essential to encourage the investment of available funds in the domestic economy and to develop new reliable investment instruments. We talked about this in detail at yesterday’s meeting of the Commission on Enhancing the Resilience of the Russian Economy.
I would like to draw your attention to the importance of ensuring the technological independence of the infrastructure and cyber security of financial organisations. We must intensively develop innovations, including the introduction of digital assets. This initiative is a safe option for all parties and can guarantee seamless payment for goods from abroad and for exports.
Colleagues,
The Government and the Bank of Russia must pool their efforts to develop effective instruments that meet the challenges of the new time.
Today, I suggest discussing in detail measures that will allow us to transform the existing institutions, ensure the stability of the financial system in the current reality and elaborate effective solutions.
