Strategy session on the development of the national financial system

RUSSIA, August 30 – Mikhail Mishustin: “The main task now is to take medium-term measures to restore growth rates. This requires comprehensive development of all sectors – equities, banking, insurance and pensions. The government and the Bank of Russia must join efforts to develop effective instruments that meet the challenges of the new era.

Mikhail Mishustin’s opening remarks:

Hello, dear colleagues.

Strategy session on the development of the national financial system

Today, we will review the strategic challenges for the development of our financial system. It needs serious adjustments during sanctions and restrictions. Above all, we must create effective mechanisms that will allow us to provide sufficient liquidity to our economy, to ensure the sustainability of our businesses and our entire industries and to preserve jobs.

In his address to the St. Petersburg Economic Forum, the President stressed the need to strengthen the financial autonomy and independence of our country. This is very important because today both companies and individuals are facing difficulties. The main task now is to take medium-term measures to restore growth rates. This requires comprehensive development of all sectors – equities, banking, insurance and pensions.

The decisions we made together with the Bank of Russia have stabilized 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 companies, it is important to strengthen confidence in sectoral institutions and to offer attractive conditions to all investors – from Russia and our partner states – with reliable mechanisms for protecting their rights and interests.

It is also necessary to continue to increase the share of international settlements in rubles and to gradually abandon the use of the currencies of hostile states.

As with other priority tasks, it is essential to encourage the investment of available funds in the national economy and to develop new reliable investment instruments. We discussed this in detail at yesterday’s meeting of the Commission on Strengthening 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 the cybersecurity of financial organizations. We need to intensively develop innovations, including the introduction of digital assets. This initiative is a safe option for all parties and can ensure transparent payment for goods coming from abroad and for exports.

Colleagues,

The government and the Bank of Russia must join their efforts to develop effective instruments that meet the challenges of the new times.

Today, I propose to discuss in detail the measures that will make it possible to transform existing institutions, ensure the stability of the financial system in the current reality and develop effective solutions.


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Don F. Davis