The standard of competition development will be complemented by measures to increase the financial literacy of the population and SMEs

The interdepartmental working group on the implementation of the provisions of the standard for the development of competition in the regions of Russia supported the proposal of the Central Bank of the Russian Federation to supplement the standard with measures aimed at raising the level of financial literacy of the population and small and medium-sized businesses (SMEs). The corresponding protocol was published on July 9 on the website of the Ministry of Economic Development.

"To support the proposals of the CBR to amend the Standard, submitted under the signature of the First Deputy Chairman of the Bank of Russia, K.V. Yudaeva," the protocol, approved by the chairman of the working group, and State Secretary - Deputy Minister of Economic Development of the Russian Federation Oleg Fomichev says.

Among the proposals that the Bank of Russia previously sent to the Ministry of Economic Development, there is a paragraph on raising the level of financial literacy of the population and SMEs.

In the letter (available at the editorial staff of the asi.ru web-site), which is discussed in the protocol of the interdepartmental working group, the Bank of Russia proposes to supplement paragraph 32 of the standard with systemic measures aimed at "developing a competitive environment in the constituent entity of the Russian Federation, including:

• increasing the level of financial literacy of the population (consumers) and small and medium-sized businesses;
• increasing the availability of financial services for economic operators;
• implementing measures aimed at equalizing competition conditions both within the market of goods and services within the constituent entity of the Russian Federation (rates of price growth) and between entities (rates of price growth, price levels).

The development of proposals for introducing changes to the standard of competition development is envisaged in the implementation plan of the agreement on cooperation in the field of financial literacy improvement, which was signed on April 20, 2018 by the Director General of the Agency for Strategic Initiatives (ASI) Svetlana Chupsheva and the Chairman of the Bank of Russia Elvira Nabiullina.

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In 2017, the Bank of Russia prepared and sent to the Government of the Russian Federation, the Ministry of Finance and the Ministry of Economic Development of Russia a report on non-monetary inflation factors and measures to reduce its volatility, one of the mechanisms of which is the implementation of the standard for developing competition in the constituent entities of the Russian Federation, approved by a Government Decree of September 5, 2015.

In addition to the points on increasing financial literacy, the standard will also be amended to expand the list of mandatory markets (key indicators of competition development, including those reflecting the share of private-ownership organizations in the economic sectors of the constituent entities of the Russian Federation). These indicators will be formed on the basis of the proposals of the regions provided pursuant to subparagraph "a" of the paragraph 2 of the List of Orders of the President of the Russian Federation and the subsequent coordination of the FAS of Russia with the profile ministries. After the Ministry of Economic Development introduces the agreed indicators into the standard, the regions will begin to make appropriate changes in their "road maps".