Russian President Vladimir Putin greeted on Thursday the participants of 26th International Financial Congress (IFC 2017) and noted the need to implement advanced technologies to increase the competitiveness of the Russian financial sector and make its services available to people and business.

Over 1,200 business leaders, experts and officials have come together in at the IFC 2017, called “Finance for Development,” in St. Petersburg to discuss the financial system’s contribution to the country’s economic development and measures that can be taken in this area.

“It is important to ensure the stability of the banking sector, to achieve consistent reduction of inflation, to reliably protect the rights of consumers. This opens up new opportunities for investment and entrepreneurial activity. And of course, it is necessary to introduce advanced technologies that meet world standards, which will allow increasing the competitiveness of the Russian financial sector and the availability of its services to the public and business,” the greeting statement published on the Kremlin website said.

The president stressed that stability and growth of the national economy and the welfare of millions of citizens depend on the effectiveness of the financial and monetary policy.

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