OREANDA-NEWS. On April 16, 2008 the RF Public Chamber held hearings “National financial system: power, openness, sovereignty”. The hearings were held by the Public Chamber commission on economic development and support of entrepreneurship. Participants were presented with a report “Russian financial system potential development” in line with a mutual project of the Rossyia Association of regional banks and the Expert RA rating agency. According to the authors of the report, the Russian financial system is still pretty weak, inadequate for current economic demands and can not claim to play an outstanding role in the world. Besides, the current growth is accompanied by two processes: state involvement in the financial system and active penetration of foreign capital (for example, only in 2007 share of non-residents in the banking capital increased from 15.9% to 25.1%; Russian financial structures are literally stand in line to be sold). The country needs a financial system in line with the scope of its economy, capable of securing economic sovereignty and competitive advantage at the international arena.

The economy should ensure social stability and support speedy economic development. “There are three basic tasks for the financial system to resolve, – said Dmitry Grishankov, Expert RA general director. – First, a powerful source of long and cheap investments is required. Second: the financial system needs efficiency to secure transformation of internal savings into investments with minimum transaction costs and to sponsor effective allocation of resources in the economy. Third, the financial sector should foster implementation of the state social function. The Expert RA rating agency and the Rossyia Association of regional banks, supported by the RF Public Chamber, will continue elaborating “Concept of the financial market development till 2020” considering all incoming proposals, on the basis of working meetings and discussions with the professional community.