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    Special taskforce to oversee creation of Moscow financial center

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    A project group under the presidential council for financial markets will oversee Russia's efforts to establish an international financial center in Moscow, a Kremlin aide said on Tuesday.

    A project group under the presidential council for financial markets will oversee Russia's efforts to establish an international financial center in Moscow, a Kremlin aide said on Tuesday.

    The Russian authorities earlier intended to set up a managing company to deal with the establishment of the international financial center in the Russian capital.

    "A managing company will not be established yet, as discussion has showed that this is not expedient at this stage. It would suffice to have a special coordination working group, which will be created under the council," Arkady Dvorkovich said.

    “The president will gather a council for the development of financial markets once every two months and will coordinate this process at a strategic level,” he added.

    The group will be headed by Alexander Voloshin, Dvorkovich said.

    Voloshin worked as chief of presidential staff under Boris Yeltsin.

    “He has more time than we do and boasts a significant experience in management and coordination and has an infallible reputation in financial and business circles and among Russian authorities,” Dvorkovich said.

    He also said that senior experts from the countries that already have financial centers will join an international council to maintain the project.

    Morgan Stanley Bank President Yelena Titova said that Russia has some advantages over other financial centers, such as a large economy, educated personnel, a liberal tax regime and an advantageous geographic position between Europe and Asia.

    She said the establishment of the financial center was beneficial both for Russian industry and banks.

    “Russia is a large economy and should have a large liquid stock market corresponding with international standards so that our companies could attract funds,” Titova said.

    MOSCOW, April 20 (RIA Novosti) 

     

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