Nabiullina says supports state firms’ entrance to stock market
MOSCOW, May 16 (PRIME) -- The central bank supports the entrance of Russian state companies to the stock market, Central Bank Chairwoman Elvira Nabiullina said at a conference on Tuesday.
“I think it is difficult to implement, not all the state companies are willing to enter the market, but I am sure it is really important. I support the idea heavily, because a lack of issuers is a problem for our financial market,” she said.
“Even the leaders of the industries do not enter the market, the names everyone knows, in which our people can invest. But even those who enter, they offer a very small package, very small free float,” she added.
Nabiullina added that, according to the central bank’s calculations, a rise of free float in the Russian economy can attract trillions of rubles from private investors, which is an important source for development.
The chairwoman also said that the central bank and the government are discussing obligation of local residents to offer part of shares on the open market after acquiring businesses of foreign companies that leave Russia.
Banks will remain the key source for financing of the Russian economy yet, but the central bank takes steps to increase the capital market, and the openness of the local stock market including attraction of investors from the unfriendly states, she added.
Nabiullina said that she sees signs for careful optimism on the Russian financial market.
“Although the market has encountered tough times, we can see indicators for careful optimism in the past few months,” she said.
The central bank does not see options for complete exchange of blocked assets between Russia’s residents and non-residents, and is working on alternative measures, the chairwoman said.
The government’s measures, including mandatory conversion of depositary receipts, have resulted in recovery of Russian investors’ rights for around 3 trillion rubles of assets, she added.
The central bank wants Russian companies to begin disclosing financial information from July 1, except for information sensible in sanctions terms, Nabiullina said.