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Financial Sector Development Program

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PROGRAM DESCRIPTION

The Financial Sector Development Vision Realization Program aims to develop a diversified and effective financial sector to support the development of the national economy, diversify its sources of income, and stimulate savings, finance and investment. The Financial Sector Development Program will achieve this ambition by enabling financial institutions to support private sector growth, ensuring the formation of an advanced capital market, and promoting and enabling financial planning, without contradicting the strategic objectives of maintaining the stability and solidity of the financial sector.

OBJECTIVES

Ensure the formation of an advanced capital market

Enable financial institutions to support private sector growth

Promote and enable financial planning - retirement, saving etc.

2020 COMMITMENTS

The Financial Sector Development Program is committed to :
  •  Increasing the total size of financial assets to GDP ratio to reach 201% by 2020 from 192% registered in 2016
  •  Increasing the share of capital markets assets from 41% in 2016 to  45%  by 2020
  •  Increasing the share of  SME  financing at banks from 2%  in 2016 to 5% by 2020
  •  Increasing the share of mortgages in bank financing to 16% by 2020 from its 2016 level of 7%
  •  Increasing the share of non-cash transactions from 16% in 2016 to 28% by 2020
  •  Fully comply with international standards related to financial stability
  • Opening the Financial Services sector to emerging players (i.e., FinTechs) to spur innovation and growth

REPORTS