31.05.2016, 08:53
Bank of Russia Approves Guidelines for Development of Russian Financial Market
OREANDA-NEWS. The Bank of Russia Board of Directors approved the final version of the Guidelines for the Development of the Russian Financial Market in 2016–2018.
As prescribed by law, the draft document was submitted to the President of the Russian Federation, to Russia’s Government and to the State Duma. Based on the outcome of its consideration at the RF Government’s meeting and Duma’s parliament hearings a decision was made to supplement it with key performance targets. Besides, seeking a feedback, the Bank of Russia has held a number of on-line and personal discussions of this document with financial market representatives in Moscow, St. Petersburg, Nizhny Novgorod, Yekaterinburg, Novosibirsk, Vladivostok, Rostov-on-Don, Krasnodar, and several Russian regions.
The Bank of Russia has developed quantitative and qualitative targets for each of the 10 areas of the financial market development, as set out in the document, which will make it possible to assess the effectiveness in implementing the Guidelines. All in all, there are 13 such targets, including those calculated by the Bank of Russia, and others assessed as part of global indices. Each target has a description and is assigned its specific value to be attained in 2018.
The implementation of measures envisaged by the document depends not only on the Bank of Russia’s work, but also on well-coordinated legislative efforts by the ministries, the Government of the Russian Federation and the State Duma, and also on the judicial system. At present, the MinFin of Russia jointly with other concerned agencies and the Bank of Russia is preparing the Action Plan for the Development of the Russian Financial Market in 2016-2018, which will be approved by the Government of the Russian Federation.
Alongside the above, the Bank of Russia is working on the road map for the implementation of the Guidelines for the Development of the Financial Market in 2016, consisting of the regulator’s detailed activities and objectives for this calendar year. Road maps will be constructed every year and will then be published on the Bank of Russia’s web-site. Besides, the central bank will release reports on the outcomes of road map implementations.
As prescribed by law, the draft document was submitted to the President of the Russian Federation, to Russia’s Government and to the State Duma. Based on the outcome of its consideration at the RF Government’s meeting and Duma’s parliament hearings a decision was made to supplement it with key performance targets. Besides, seeking a feedback, the Bank of Russia has held a number of on-line and personal discussions of this document with financial market representatives in Moscow, St. Petersburg, Nizhny Novgorod, Yekaterinburg, Novosibirsk, Vladivostok, Rostov-on-Don, Krasnodar, and several Russian regions.
The Bank of Russia has developed quantitative and qualitative targets for each of the 10 areas of the financial market development, as set out in the document, which will make it possible to assess the effectiveness in implementing the Guidelines. All in all, there are 13 such targets, including those calculated by the Bank of Russia, and others assessed as part of global indices. Each target has a description and is assigned its specific value to be attained in 2018.
The implementation of measures envisaged by the document depends not only on the Bank of Russia’s work, but also on well-coordinated legislative efforts by the ministries, the Government of the Russian Federation and the State Duma, and also on the judicial system. At present, the MinFin of Russia jointly with other concerned agencies and the Bank of Russia is preparing the Action Plan for the Development of the Russian Financial Market in 2016-2018, which will be approved by the Government of the Russian Federation.
Alongside the above, the Bank of Russia is working on the road map for the implementation of the Guidelines for the Development of the Financial Market in 2016, consisting of the regulator’s detailed activities and objectives for this calendar year. Road maps will be constructed every year and will then be published on the Bank of Russia’s web-site. Besides, the central bank will release reports on the outcomes of road map implementations.
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