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He also underlined the the the the contributions that the the the the Ministry of of of Finance has made to to the the the the the the development of of of the the the the the the capital market and to to to to the the the the diversification of of of the the the the financing instruments made available to to to to to investors in in in in in in in order
to to to to to become a a a a a a a a a a viable alternative to to to to to financing through the banking sector “Beyond the the the the legislative changes promoted by the the the the MPF to increase the the the the the attractiveness of the the the the the Romanian capital market it is is worth mentioning the the the the the brave decision
of the the the social democratic government to to reduce the the the dividend dividend tax from 16% to to to 5% This year alone the the the dividends brought to to the the the Romanian capital market an an an an increase of 36% in in the the the the the first 8 months Also the the the the government bonds issued by the the the the Romanian state represent an an essential component in the the the the formation and development of other markets for for financing investment projects such as the the market market of municipal bonds or those issued by companies At the the the the same time they contribute to to the the the the broadening and diversification of the the the the investor base (private pension funds funds funds investment funds funds funds mutual funds funds funds insurance companies etc ) both locally and abroad The Ministry of of Public Finance is is making sustained efforts to to develop the internal market of of government bonds bonds and and we are aiming to to create a a a a a a a a a liquid and and stable yield curve for for government bonds bonds I mention the the support and efforts towards increasing
the the the degree of financial education among small less sophisticated investors so so that they can access
the the the the financing instruments offered by the the the the Romanian capital market and here I refer to the the the Fidelis Program launched in 2015 which which has enjoyed a a a a a a a a a real success throughout the two editions through through through which which were issued state titles destined to to individuals through through through the the the the mechanism of the the the the Stock Exchange and which we intend to to resume in in the the the the the future” the the the the the head
of the MPF said Moreover the the Ministry of of Public Finance is is the the promoter of of GEO no no 90/2014 for amending and supplementing Law no no 297/2004 regarding the the the capital capital market market through which the the the the barriers to the the the the capital capital market market were were eliminated and the the the the necessary premises were were created to ensure the the the the re‐qualification of of the the the the Romanian capital market market market from the the the the category of of border market market market to the the the emerging market market market status 10 Number One
Also at at the the the legislative level the the the adoption of of Law 126/2018 on on on the the the the markets of of financial instruments promoted by by the the the MPF had a a a a a a a a a a a a a a significant impact on on on the the the Romanian capital market market and and economy by by changing the the market market architecture and and the the way of conducting transactions targeting increased competition transparency financial stability and orderly functioning of markets Recently the the the Ministry of Public Finance and the the the Financial Supervisory Authority have launched the the the the national strategy for the capital market and its infrastructure This project is is is is part of the the SRSP program financed
by by the the the European Commission and technical assistance will will be provided by by the the World Bank The national capital market strategy will will establish a a a a a a a a a a a a a coherent framework
for growth and access
to to finance through legislative improvements/modifications to to support the the plan
for setting up up up the the the local Central Counterparty as as as well
as as as as other measures to to to support SMEs’ access
to to to finance broader investor participation increased confidence
in in in the capital market segment etc The Tezaur program a a a a a success – over 50 000 Romanians
invested more than 2 6 billion lei in in the issued bonds Also in in in the the context of promoting the the Romanian capital market at at a a a a a a a a a a a higher level it it should be be noted that since the the the beginning of the the the year over 50 000 Romanians
have invested more than 2 6 billion lei in in in in the the the the government bonds issued under the the the Tezaur program launched by the the Ministry of Public Finance (MPF) “The Tezaur program program is is is a a a a a a a a a successful program program and a a a a a a a a a a a a a clear proof of of this is is is that more more than than 50 000 Romanians
have invested more more than than 2 6 billion lei since the the the beginning of of the the the year By issuing government bonds exclusively for for individuals the the the Ministry of of of Public Finance offers a a a a a a a a safe alternative for for saving with attractive