A new financial strategy: not to see money for a century

Marcel Salikhov, Director of the Center for Economic Expertise of the Institute for Public Administration and Governance of the Higher School of Economics, commented on the main priorities of the “Strategy for the Financial Market Development until 2030” to the Expert magazine.

According to him, ensuring availability of financing for business is not the main priority from the point of view of the financial market strategy.

“The developers of the Strategy see the main priorities in the form of ensuring the protection of financial services consumers rights, promoting digitalization and the payment services development. Business financing should be provided through the development of the market itself, emergence of new instruments and expansion of the circle of investors,” the expert argues, explaining that in this sense, regulators should ensure competitive and fair conditions for functioning the market, but try to stay apart.

As noted by Marcel Salikhov, the sharp increase in the number of investors in the Russian market, which has occurred in recent years and made it possible to improve, among other things, the opportunities for financing in the domestic market, is not due to any direct measures on the part of the state (although the role of the “Individual Investment Account” in popularizing investment is impossible to deny). The key factor was the reduction in interest rates on bank deposits and their leveling, which became an incentive for individuals to invest in financial markets.