Finance Ministry, CBR submit draft financial market development strategy through 2030 to gov't

MOSCOW. Dec 2 (Interfax) - The Russian Finance Ministry and the Central Bank have submitted to the government a draft strategy for development of the financial market through 2030, updated in light of the changed situation, the ministry said in a statement.

The key task on the horizon through 2030 is to accelerate transformation of the Russian economy relying primarily on domestic sources of investment financing. Under these new conditions, the role of the financial market becomes more prominent, the ministry said.

Ivan Chebeskov, director of the Finance Ministry's Department of Financial Policy said earlier that the Finance Ministry, Central Bank and Economic Development Ministry tried to set down the regulation initiatives that have emerged this year in particular into a single strategic document. The draft strategy was prepared a year ago and required changes due to recent events. "We are submitting this document to the Russian government and hope for it to be adopted soon - as a certain vector of development which we can be guided by," he said.

One of the priority tasks is to ensure that citizens and businesses have access to financial instruments that meet their needs.

Among the priorities are the development of the capital market, the promotion of sustainable development, the digitalization of the financial market, the transformation of the payment and settlement system with friendly countries, the protection of the rights of consumers of financial services and financial education.

Particular attention will be paid to macroeconomic stability, including price and financial stability.

To implement the objectives of the strategy, medium-term documents and roadmaps are being developed by the government and CBR, containing specific measures with deadlines and responsible parties.