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ST. PETERSBURG, July 1. /TASS/. Russian Finance Minister Anton Siluanov has urged increasing the degree of the state participation in the national financial market even with a decrease in the budget deficit.
"Even with the reduction of the budget deficit we will need to significantly increase the state participation in the financial market," he said speaking at the international financial congress.
Siluanov believes that the financial system has fair number of instruments, but not enough resources that could use them.
"We have the necessary financial instruments, but resources are scarce. The main recourse is the banking sector, while other institutions of the financial market (non-state pension funds, insurance companies, etc.), in fact, do not work," Siluanov said.
The minister went on to say that the availability of reserves is compulsory for implementation of budget policy.
"Reserves are spent and we will certainly have these reserves. Without reserves the budget policy cannot be made," he said.
According to Siluanov, Russia’s spending from federal budget in 2017-2019 will be fixed at the level of the spending of the current year.
"Spending (from the budget in 2017-2019) will be fixed at the level of the actual costs for the current year," the minister said.
Siluanov said the Finance Ministry supports the measure of the Central Bank to increase banks' minimum capital to 1 billion rubles ($15.6 mln).
"It has been discussed for a long time. I believe that the time is ripe for it," he said.
According to Siluanov, Russia’s Finance Ministry finds it appropriate to tie the coupon rate on the Central Bank bonds to the RUONIA rate.
"I believe that there should be a single mechanism, there should not be many tools for investors which are tied to different indicators. There has to be a single tool that is tied to unified indicators," he said.
The reference weighted rate of overnight ruble loans (deposits) RUONIA (Ruble Overnight Index Average) is an estimate of the cost of unsecured overnight ruble borrowing by a standard borrower, which is defined as a bank with a minimum credit risk.
RUONIA has been calculated since September 8, 2010.