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Finance Ministry and Bank of Russia launch public discussion of Financial Market Development Strategy through 2030

13 September 2021

The Financial Market Development Strategy through 2030 is the first strategic planning document prepared by the Finance Ministry and the Bank of Russia in close partnership with federal authorities, businesses and the academic community. The document aims to enhance competitiveness, transparency and financial policy efficiency in the overall financial market.

The core part of the document discusses the development of the capital market, insurance, international integration, the promotion of sustainable development, the protection of financial consumers, and financial education.

Efforts towards strategy implementation will be centred on macroeconomic and financial stability, securities market development and digitalisation, the promotion of marketplaces and Open APIs, competition and the reduction of state participation in some financial market sectors and products.

Key objectives of the document also include the development of innovative, client-oriented and ethical business. Market conditions should enable financial institutions to offer products and services that best meet consumer needs. In this regard, the document focuses on the development of corporate culture and the ethics of financial intermediaries’ interaction with their consumers.

The medium-term planning horizon of financial sector development policy is consistent with the Guidelines for the Development of the Financial Market of the Russian Federation; their draft for 2022-2024 has by now passed public consultation. The Roadmap to Implement the Financial Market Development Strategy for 2022-2024 will be a tactical document to deliver on the strategy. All the three documents will ensure that the Government of the Russian Federation and the Bank of Russia have a holistic and synchronised approach to strategic planning of financial market development.

Among other documents to be used to deliver on the strategy are the Government's, the Bank of Russia's and local governments’ medium-term documents and roadmaps addressing financial market development issues, which list specific action items, deadlines and parties involved in their implementation.

Preview photo: Anton Vergun / TASS