banking sector is not yet complete and, according to our estimates, will take another 2 - 3 years. strengthening supervision will require us to restructure internal organisation significantly – a process we are currently undergoing. four years ago we decided to establish a mega - regulator. we were handed responsibility for the regulation and supervision across all sectors of the financial market, numbering 20 thousand supervised units. and, as in the banking sector, we have been consistently focusing on ridding the market of unscrupulous players, and introducing new standards of regulation in order to ensure the sustainability of all financial institutions and to increase businesses ’ and individuals ’ confidence in the financial market. 1 / 3 bis central bankers'speeches then we were set the task of developing a national payment system. this has become more pressing in connection with the sanctions, and, as i have mentioned, we managed to achieve this task ahead of schedule, even before 2016. further progress towards these strategic tasks constitutes the main objectives for the coming five years. in the sphere of monetary policy, our task is to ensure a stable low rate of inflation : we want not just to achieve a level of 4 % one time, or for one or two months, but to deliver a stable level of low inflation. this will also lead to lower interest rates, longer loans, and will give businesses and individuals the ability to make long - term plans – in rubles, specifically, rather than foreign currency. all of this ultimately contributes to economic growth. the key task in the banking sector, as i have mentioned, is to complete the process of cleaning it up, improving the quality of supervision, increasing its proactivity in the early stages and transitioning to consulting oversight, wherein we help conscientious financial market participants to fix their problems, while there is still time to do so. we understand that the task of strengthening and enhancing the financial stability of banks cannot be single - handedly managed by the bank of russia alone. it is important to place more responsibility for misconduct on the owners and managers of credit organisations themselves, to ensure the irreversibility of punishments for crimes. qualitative changes are in store for the banking industry – these include a transition to a three - tier banking system, comprised of systemically important banks, banks with universal licences, and banks with basic licences. this is a radical change in the banking system, which we will need to implement with care in the near future. the three main tasks set before us,

post advertising materials, including on public transport. our regional branches are making a large contribution, which we find extremely important. i would like to conclude by saying a few words about financial inclusion. many deputies are concerned about this issue and raise it at almost every parliamentary group meeting, because voters are concerned about it. the overall level of financial inclusion in the country is adequate and new technologies are developing faster in russia than in many other countries. certainly, they offer new opportunities to households and businesses. this is, certainly, an average indicator typical of big cities. in some regions, where there are many remote and thinly populated towns and rural areas, financial inclusion is low. this remains a pressing issue. therefore, we adopted a special threeyear programme last year to raise financial inclusion and have launched its implementation in every region, taking its specifics into account. our key measures include working with major banks with a country - wide branch network to persuade them to stay in such areas before alternative channels emerge, including mobile offices and multifunction automated stations, and new formats, like simple transactions delivered by a post office, and cash withdrawal at points of sales. these options are now available. we are developing remote services in cooperation with rostelecom. we signed an agreement to have the internet installed in these areas on a priority basis. last year, we launched a pilot project to raise financial inclusion in the far eastern federal district and are currently launching it in the southern federal district. financial inclusion challenges in these regions are of higher importance in these regions than in other areas. we believe that new technologies will open new possibilities for consumers. currently, 45 % of 6 / 7 bis central bankers'speeches financial consumers use remote financial services, with the indicator doubling over the past three years. this is a good indicator, because there were doubts whether consumers were willing to use remote services. however, we can see that their willingness is increasing. therefore, we are placing great efforts to develop financial technologies. i have already mentioned biometric identification, the faster payments system, and financial services marketplaces. we are grateful to the state duma for its contribution to these projects. these are complex projects, but we believe that they are essential to technology development, and among other things, to raising financial inclusion, so that we could bridge that gap between advanced cities and regions and ones where services are unavailable. to conclude, i would like to say that we are continuing consistent efforts in all areas of the central bank ’ s responsibility