The National Council adopted a program of reform of the financial sector until 2020.
The National Council on the reform on 15 May approved a comprehensive program of financial sector development for the period up to 2020.
The program provides for the reform of all segments of the financial market – the banking sector, the sector of non-bank financial institutions, the stock market, the capital market.
The reform, in accordance with the program touches financial regulators (by strengthening their institutional capacity and create optimal conditions for efficient supervision), as well as the financial markets of various forms of ownership (by clearing of troubled institutions, restore confidence in the rest of the market participants, as well as providing equitable, transparent and competitive market conditions).
The program, expected to be held in two phases. In the first phase, to be completed in 2016, provides for the completion of the cleansing of the financial sector, the elimination from the market of unscrupulous players, creating a balanced and transparent market rules of the game.
In the second phase (until 2019) is planned to create the conditions for long-term sustainable development of the financial sector. The second stage provides for the stability and reliability of the financial sector, the approach of regulatory standards to European standards, improving the institutional capacity of the regulators.
During the period of implementation of the program of reforming the financial sector, the National Bank, is expected to complete the transition to inflation targeting regime. The task of monetary policy in the medium term will decline in inflation to 5% (plus or minus 1%) per annum.
The program includes a comprehensive plan of action for the period until 2019.
The results of the program should be not only the achievement of the inflation of about 5% per year, but the increase in foreign exchange reserves to at least $ 38.7 billion, reducing the level of dollarization of loans and deposits from the current 50% to 40% decline in the cash payments in an economy with 18% to 12%.
