Mikhail Mishustin: “It is extremely important to assure stability of interbank operations inside this country in the face of unprecedented sanctions, as is an effective cooperation with foreign partners from friendly states.”
Mikhail Mishustin chaired a strategic session on developing financial instruments and the payment and financial infrastructure
Mikhail Mishustin’s opening remarks at the strategic session on developing financial instruments and the payment and settlement infrastructure
Mikhail Mishustin chaired a strategic session on developing financial instruments and the payment and financial infrastructure
Mikhail Mishustin’s opening remarks:
Good afternoon, colleagues,
Today, we are holding yet another strategic session, at which we will consider progress in the development of the financial sector instruments and will outline new steps designed to consolidate positive changes and enhance effectiveness of measures we are taking.
We are continuing, jointly with the Bank of Russia, to improve the mechanisms that will make it possible to fill the economy and its real sector with enough liquidity. This is the basis for the sustainable growth of key industries, major companies, and medium and small businesses.
Last spring, we considered in detail the approaches to expanding the accessibility of long-term resources that are needed for implementing investment projects. A lot of work has been done during this period, with many tasks set at that time brought to fruition. Among other things, we managed to promptly adopt a number of prioritised legislative initiatives.
This strategic session’s agenda also includes issues related to encouraging further emergence of an independent payment and settlement infrastructure. It is extremely important to assure stability of interbank operations inside this country in the face of unprecedented sanctions, as is an effective cooperation with foreign partners from friendly states.
The key parameters of financial policy for the next six years will be shaped by the updated national development goals set by the President.
Foremost among these is the creation of a resilient and dynamic economy. In this context, the President sets the objective of nearly doubling the capitalisation of the stock market. By the end of the decade, its level should amount to no less than 66 percent of the GDP.
To achieve this, it is essential to motivate businesses to enter the capitals market more actively, in order to finance sectoral growth and restructuring programmes. Efforts must also be intensified to attract investors in implementing infrastructure initiatives.
This year, a programme to support citizen’s savings has already been launched, and the system of individual investment accounts has been improved. Shareholding life insurance schemes will become another beneficial opportunity for individuals, where part of the premiums paid will be channelled into mutual funds of their choice.
To ensure the reliability of people’s savings, the state will protect such investments, similar to the deposit insurance system.
We will continue to focus on developing specialised financial instruments that help attract long money into the economy. This will help fulfil the President’s instruction to increase the share of long-term savings to 40 percent of their total household savings by 2030.
The entire range of planned measures in these areas is included in the new Financial Market Development federal project, which is part of the Cost-Effective and Competitive Economy national project.
To compete on a global level, it is important that capital flows and payments rely on modern infrastructure and high-tech solutions. This remains one of our priorities in this area.
We are working systemically to digitalise banking services, expanding the use of cutting-edge technologies and innovations. We have developed and are already using various online payments systems, including the fast payments system. They are convenient, safe and save a lot of time.
To develop financial services, we are actively improving the legal framework. This year, a law came into effect allowing Russian importers and exporters to use digital assets in foreign trade transactions. This is a good alternative for ensuring seamless payments for goods deliveries.
This November, we started regulating crypto currency mining operations and introducing crypto currency payments.
It is essential to maintain momentum and continue the dynamic implementation of projects and initiatives aimed at developing payment infrastructure while responding flexibly to the needs of businesses and individuals.
Colleagues,
I would like to emphasise that it is crucial to use all the resources and opportunities at our disposal.
The joint efforts of the Government and the Bank of Russia must focus on creating effective tools to confidently address both existing and emerging challenges and to ensure reliable financial settlements with friendly countries.
I propose that we now conduct a detailed analysis of the measures already taken to achieve financial sovereignty and accomplish multiple other tasks set by the President. We need to see whether they are sufficient, and chart additional solutions as needed.
