Russia halfway past efforts to create international finance center

Russia is halfway past its efforts to create an international financial center in Moscow, President Dmitry Medvedev said on Sunday.

At a meeting with the director of the Hong Kong Stock Exchange, Medvedev spoke about Russia’s plans to turn Moscow into an international financial hub.

“So far, we are at the organizational stage of creating an international financial center, adopting laws and seeking to improve the investment climate and create the infrastructure,” Medvedev said.

“I hope we are already halfway past our efforts to achieve the result, which is also very important,” he said.

Medvedev first announced the project at the 12th St. Petersburg International Economic Forum in 2008, stressing that it was aimed at turning Russia’s national currency, the ruble, into a leading regional currency.

Today, there are two major global financial centers – London and New York. As of October 2010, Moscow ranked 68 of 75 on the list of international financial centers.

Medvedev said today it was important for Russia to focus on international aspects of creating an international financial center.

“If we speak about internal financial issues, all of them have been resolved to some or other extent. The crisis is over and we need to focus on other aspects,” he said.

Medvedev has earlier said the financial center in Moocow will become not only the core of Russia’s financial system, but also the impetus for the development of financial markets in the entire post-Soviet region.

HONG KONG, April 17 (RIA Novosti)

Leave a comment