Siluanov urged to sharply increase the state’s role in the financial market


“Even with the reduction of the budget deficit we will need to increase the extent of state involvement in the financial market”, — said on Friday, July 1, Finance Minister Anton Siluanov, speaking at the International financial Congress (quoted by TASS). It is necessary to influence on macroeconomic stability — the level of the key rate, inflation and the exchange rate, the Minister added. “The situation with the bet depends on how much we can reduce the imbalance of the budget”, — said Siluanov.

According to the Minister, Russia’s financial system has sufficient number of tools, but needs resources. “We have the necessary financial tools, but resources are scarce. Main resource of the banking sector and other financial market institutions — NPF, insurance companies, etc. — in fact do not work”, — said Siluanov.

Now is the time when you need to fill these Finance institutions and to create suitable conditions, he said. The decision has been made on guarantees in the banking sector to the insurance market. Guarantor will act ASV. Definitely need the development of private pension insurance,” the Minister added.

Siluanov said that the Ministry of Finance jointly with the Bank of Russia has prepared proposals on the formation of voluntary pension accumulation of citizens. “Yes, indeed, we have recently taken various decisions on pension insurance, it is frozen. We have now prepared together with the Bank of Russia proposals on creating a system in which our citizens could independently save for retirement, accumulate a pension in private pension funds”, — RIA Novosti quoted Siluanov.

According to the Minister, there are voluntary savings of citizens will be insured. In addition, “the money will be inherited, the money can be used, it will, in fact, this is not a maternity capital, which we have, and the pension capital”.

“Every citizen can generate his retirement capital, knowing that these funds will not be lost, these funds will remain in any case, these funds citizen may refer not only to pensions but also on health, but in a number of areas. But this system should work,” said the Minister, adding that the government will consider the proposals of the Ministry of Finance and the Central Bank in the autumn.