Moscow Mayor Stresses Perspectives Of Russian Stock Market

It is time now for the Russian securities market to enter the production sphere and become an integral part of all institutions operating in the economic sphere, Mayor of Moscow Yury Luzhkov declared today. According to him, the industrial unit of Russia enjoys privileges and is subsidized mainly by the federal budget now. In particular, 15% of Moscow's "business budget" are spent on the real sector of the economy. This is done intentionally, as there is no other mechanism supporting the production sphere and increasing the number of its employees, Luzhkov stressed. "The government is gradually turning away from privileges, and the stock market is the only way of compensating for them," the official noted. He was also quoted assaying that the stock market is rather attractive now, and about 5,000 Moscow companies are represented on it now. "We need to realize, that the epoch of subsidies and privileges is almost over, and their volume will be reduced through the approval of relative governmental resolutions," Luzhkov added.