The Bank of Russia organized a seminar for the BRICS central banks on financial literacy and financial inclusion as part of the third meeting of the BRICS deputy finance ministers and central bank governors in Rio de Janeiro, Brazil.
The regulator proposed enhancing cooperation in these areas, including ensuring overall coordination and methodological support for events and programs, developing tools for monitoring financial literacy levels, and improving corporate social responsibility. A joint consultation paper could be a first step in this direction.
The Bank of Russia presented its analytical paper titled "BRICS+ Experience in Promoting Financial Literacy," which outlines pressing issues as well as mechanisms and key initiatives for promoting financial literacy among various target audiences.
Mikhail Mamuta, Head of the Service for Consumer Protection and Financial Inclusion at the Bank of Russia, discussed the regulator’s efforts to create a financially inclusive environment. He emphasized the importance of financial literacy and inclusion in developing BRICS financial markets. "Confidence is the key factor in this development and in increasing people’s welfare."
"Confidence shall be based on understanding and quality, which is why it is so important to improve financial culture and literacy as well as the quality of financial institutions’ work," noted Mikhail Mamuta.
The seminar was attended by representatives from BRICS central banks and finance ministries, the IMF, the World Bank, and Russian financial market participants.
Preview photo: Muhammad Alimaki / Shutterstock / Fotodom