Government to consider draft Financial Market Development Strategy through 2030 submitted by Russian Finance Ministry and Bank of Russia

The document is aimed at promoting the development and structural transformation of the Russian economy, improving the quality of people's life, enhancing financial literacy among households, and creating conditions for sustainable growth of the financial industry.

The key task over the horizon until 2030 will be faster transformation of the Russian economy relying primarily on the domestic sources of investment financing. The new environment reinforces the importance of the financial market. The authors of the Strategy consider the access to financial instruments that meet the needs of households and businesses as a primary objective.

Other priorities include the growth of the capital market, promotion of sustainable development, digitalisation of the financial market, transformation of the system of payments and settlements with friendly countries, protection of financial customers, and financial awareness. It is planned to focus special attention on macroeconomic, price and financial stability.

To achieve the Strategy's goals, the Russian government and the Bank of Russia are preparing medium-term documents and roadmaps, which contain specific measures and deadlines and name responsible parties.

The Financial Market Development Strategy through 2030 is a joint effort of the Russian Finance Ministry and the Bank of Russia, which worked in close cooperation with federal authorities, businesses and academic community.