Central Bank of Russia considers attracting 500-750 bln rubles to long-term savings program by end 2025 to be attainable

MOSCOW. Feb 21 (Interfax) - The Central Bank of Russia believes that the volume of investments as part of the long-term savings program could be increased to 500-750 billion rubles by the end of 2025, Olga Shishlyannikova, Director of the CBR's Investment Finance Intermediation Department, said.

"We need to double it at least, and triple it if we can. It seems to me that 500-750 billion rubles are probably a very realistic amount," Shishlyannikova told reporters.

The CBR said that the volume of investments in the program totaled around 216 billion rubles accounting for the transfer of pension savings and co-financing in 2024.

SberNPF has set a target of 356 billion rubles for the volume of assets under the long-term savings program for 2025, Director of Sberbank's Wealth Management block Ruslan Vesterovsky said previously.

Russia launched the long-term savings program in 2024 that envisages the government co-financing contributions for 10 years totaling up to 36,000 rubles per year, as well as the right to a tax deduction. The government insures citizens' funds contributed under the program up to 2.8 million rubles. An individual may start using the accumulated funds in 15 years or upon reaching the age of 55 for women and 60 for men.

President Vladimir Putin has instructed that the target indicator for the citizens' volume of investments as part of the program be set at 250 billion rubles for 2024, and it should be at least 1% of GDP in 2026.