svetlana, we can’t hear you, you have no sound, colleagues, we can’t hear you yet, they’ll connect you. later our colleague, please, maria, and fillushna maria bitkogan, if the current exchange of assets is up to 100,000 rubles. if it goes successfully according to plan, how long before we can count on further exchange of assets with higher limits and what is needed for this, thank you, but so far the decree does not provide for expansion.

mm there are more opportunities for exchanging assets, if the amount is more - 100,000, let's see how what is going on now will go small amounts, here we protect the interests of investors with not very large amounts, but there are more of them, there are many of them, yes, let's see how this happens and it will be possible to discuss in the future only after that. thank you, the next question is online from denis yalokhovsky, compound interest, please, hello, i’ll check right away, you can hear me, yes, you can hear me, excellent, i have two complex questions, one about the balance of payments, the second about monetary policy, first the balance of payments, why is the ruble exchange rate at , began to respond by strengthening to the record surplus in recent years months of the balance of payments, only by the end of april, in addition, in march...

a large capital outflow of $15 billion was recorded, to what extent is it related to the increase in receivables of the buyer of russian exports, if related, then it may make sense to maintain mandatory return requirements and the sale of foreign currency earnings by exporters, the second question is about the conditions for shifting monetary policy, in your summary you formulated these four criteria: sustainable inhibition of inflation, reduction in lending rates, tightening in the labor market and the absence of external shocks, but... it is difficult to imagine a situation where all four of these factors would give the green light to reduce the rate. could the central bank, in theory, lower the rate in small steps, maybe 50 bais points each if only two or three are completed criterion from this list, or will it be correct to wait until all conditions are met and then reduce it as much as in the fifteenth or twenty-second year, and the second question is whether the central bank plans to somehow revise, maybe this list of conditions, if it is planned, then why, if not planned, then when, in your opinion , these four criteria will allow you to move on to your own.

understanding the main factors that we are currently paying attention to, with regard to the balance of payments, well , the balance of payments, firstly, we are probably talking about the current account surplus, because the balance of payments is balanced, but we really do not have currency flows coincide with the timing, with the moments...

therefore, these lags between what is reflected as exports and real receipts, for example, foreign exchange earnings, these lags increased.

the balance of payments must balance even if currency flows do not coincide with the timing of goods flows. colleagues, please, lena, second to last row. elena fabrichnaya, reuters agency. i wanted to clarify about the retaliatory

measures that russia plans to take in response to the withdrawal of reserve assets. it is clear that this is still being discussed, but maybe you were wondering whether it would be distributed. visit by the president of the sovereign assets of other countries, and how then will this relate to the ongoing exchange assets, if funds from es type accounts are withdrawn, the second question is related specifically to individuals, since russia does not have access to china, you have already mentioned problems with payments twice today, do you expect that there may be some kind of solution as a result of the visit and are you planning to visit china in may? as for the response measures, well , the preparation of response measures has already been announced at different levels, the measures themselves are not within the competence of the central bank, so i did not and will not comment on them. as for international payments, in general we see

increasing the risk of secondary sanctions, complicating payments, we and our partners... are in contact to look at how payments can be made easier, because trade, foreign trade with friendly countries is actively growing, and of course this must be accompanied by a reliable system payments, as for specific countries, i probably won’t comment, thank you, please, anna, last row. i have two questions, or rather two and a half, two about the ruble, small ones, the first, alexey borisovich in last year i repeatedly said that the central bank may begin to publish a forecast for the ruble in the first half of this year,

this seems to be the last key meeting in this half of the year, they decided not to publish the forecast, if so, why, or are you still thinking about it, the second question. updated 1.0 ruble bill. they also promised to present it in the third, well, in the first quarter, but still no. and one more question about family mortgages, the rate for family mortgages for children older than families with children over 6 years old is currently being discussed, in general, and there is even the options are such that 12% of our experts said, and the central bank is taking part in this discussion, what proposals does the central bank have?

will understand more on what premises we are based, the main minus is that this can be perceived as - some comments on the possibilities of management, therefore... the future of preferential mortgages, we are taking part in this discussion, but the parameters

of preferential mortgages themselves, they are this a matter of the government’s competence, we rather evaluate in such discussions, well, in general , the dynamics, what they might be, what solutions can be accepted because, in general , the volume of preferential mortgages is the allocation of a mortgage segment that is insensitive to our key rate, we need to understand this. please tell me, i would like to return to our salaries once again, now people are not

ready to work for low wages for low wages, this is how this affects inflation, and is there even enough money in the economy to satisfy this demand, to pay large salaries, but indeed now we see. continued high growth of nominal wages, it has been happening almost since the beginning of the twenty -third year, and this is due to a shortage of labor resources, the demand for labor has increased, the supply has decreased, and with this shortage of personnel, companies are forced to increase wages in order to attract new workers to expand production or even simply retain their employees so that they do not move to other enterprises.

transfer of costs into prices, it is very large, there is enough money for high salaries, but inflation will arise from the fact that this money, this money, for this money, there will not be enough goods and services at old prices, that is, prices will rise, our policy is aimed at limiting such an excessive expansion of demand by stimulating. savings, create incentives to increase the savings rate, when the growth in labor production

equals the growth in wages, then inflation will slow down, rates will drop, and this is exactly the main main goal of our policy, thank you, colleagues, please, artyom, good afternoon, talker future, i have two questions: and the first concerns the confiscation of russian assets by the united states, how does the central bank assess the impact of this action on the financial stability of russia, and does this mean that russia’s liabilities have become less underpinned by real assets, similarly, what does the central bank think about the possible confiscation of russian assets already with sides of the european union. and the second question concerns the strengthening of the dollar since the beginning of this year, the dollar index has grown significantly, but what about the central bank? assesses the impact of this factor on the ruble exchange rate and inflation in russia, and

is there any scenario, an action plan in case of continued strengthening of the currency, thank you, thank you, regarding the possible confiscation of our gold and foreign exchange reserves, this will not have any impact on financial stability, because we have long stopped operations on frozen assets, we do not have them we use it, and we have been for many years... as for the strengthening of the dollar and the dollar index, the dynamics of the dollar against other currencies of course affects the ruble-dollar pair, but the exchange rate of the national currency, the dynamics of the national currency exchange rate is still correct

evaluate not in any particular ruble-dollar pair, but in relation to all currencies that are significant... for foreign trade, and we now see that the importance of, for example, the yuan has sharply increased for foreign trade, the importance of the dollar has decreased. the dollar index against major currencies has grown significantly since the beginning of the year, by about 4%, while the dollar against the ruble has grown by only 1.6%, that is , less than in general for steel currencies. what does it mean? this means that the ruble has strengthened. in relation to other currencies, for example, it strengthened against the euro, according to in relation to the yuan, but at the same time we have a floating exchange rate, we do not have quantitative target levels for the exchange rate, especially for individual pairs, so there is no need to take any additional measures in this regard, colleagues, please, sergey, second row,

bolotov sergei. arguments and facts: please tell me whether the central bank supports the ministry of finance’s goal to reduce the share of preferential mortgages to 25% in the total volume of housing loans. what might be the time frame for completing this task and what impact will this have on the dynamics of the key rate? another request return to the question of why lending accelerated in march, despite the high rate. this is how you explain this behavior of people, is it dangerous to take out loans at a high rate, what if people suddenly expect an increase? fees will not be justified, well, that’s why lending accelerated in march, despite the high rate, the main reason is the growth in incomes of citizens against the backdrop of a shortage of personnel in the labor market, and expectations of high incomes, you are absolutely right, this income growth is so strong that it allows save more, yes we see that

deposits are growing, but allows consumption to increase. and our monetary policy is aimed at ensuring that the proportion in the direction of saving increases somewhere, yes, there is more motivation to save, but if we look at how lending now relates to savings of individuals, we will see that for every ruble the increase in credit demand in march accounted for 3 rubles in the growth of household deposits. and the annual increase in ruble deposits without sparks is also very large, amounting to almost 30%, but we are carefully looking at this what is happening in dynamics with savings, with lending, but the main source, of course, is income growth, so the second second question was about mortgages, yes - well

, if we talk about preferential mortgages, there are a lot of questions about preferential mortgages - our goal is for the market mortgages have become accessible to everyone, and for this the share of preferential mortgages should be lower, much lower, because for those who have the opportunity to receive a mortgage at preferential rates, all other borrowers pay a higher rate, so in our opinion, this can only be purely targeted, not non-targeted, and... we don’t have a specific quantitative goal for preferential mortgages, it’s just that the presence or large volume of preferential mortgages makes us hold higher rates for everyone else, but we still believe that if there will be an increase in the targeting

of mortgages, which are currently being discussed, specific parameters are being discussed, but a decision has not yet been made on them. then this could reduce the share of preferential mortgages from the current 75% in march to 20-30%, so our estimates here coincide with the estimates of the ministry of finance, i must say that we have now made the decision on the key rate based on the fact that the broad , non-targeted preferential program will end as planned. line, if it had not been planned for such a curtailment of the non-targeted preferential program in such volumes, we would probably have had to pursue an even stricter monetary policy. thank you, the next question is from belgorod from sergei shevchenko, belpress online portal. please, sergey. good afternoon, i also have

a question regarding lending. consumer loans and lending are growing faster than the central bank forecast, firstly, faster than the real disposable income of the population. firstly, why this growth turned out to be higher than forecast, the question is how much. the trend, according to the bank of russia, will be long-term, you have already voiced a decision to increase macroprudential buffers, is it possible that the bank of russia will resort to some perhaps more stringent tools in order to somehow correct this trend if the risks increase with time. thank you. indeed, you are right, there is a need for credit is growing at a faster rate than we predicted in february. and i would like to emphasize once again that by taking macro pru measures, by tightening requirements, we are influencing not

the overall rate of loan growth, most likely there will be a redistribution from one type of loan to another, according to previous episodes, banks will begin to lend to either less risky borrowers are more active, or will go into corporate lending and so on, but don’t bother us here.

1.4 percent, in my opinion, on the contrary , lending through credit cards and we are one of the reasons that the limits, these are the macroprudential limits, which we will clarify from may, they operate with a lag and what worries us is that the quality of debt servicing according to credit histories remains unchanged in history. but it is historically worse than for cash loans, that is , cash loans, they are serviced better, and we see that the share of those loans

that are serviced worse is growing, add something else, well, parts of credit cards, probably , there a certain role is played by the effect associated with grace periods, when with such rates as they are now, it is clear that... it is beneficial for citizens to direct their current income to replenishable deposits in order to receive a high interest rate, and finance current operating expenses with credit cards within grace periods, it is relatively cheap, and yes , this is not a source of continuous growth in consumer lending, but in the conditions of the period when we moved to a situation of higher interest rates, this probably also played a role. your role, and this must be taken into account, colleagues, please, your questions, marina, third row,

and i, uh, marina strelnikova, for the newspaper, the next question is, lately banks have not been entirely happy with marketplaces, they are confused. this is the point that there is no regulation as such on marketplaces, meaning payments, does the bank of russia plan to somehow control payments that are made through the platforms of the marketplaces themselves? well, marketplaces work differently, the participation of marketplaces, there are banks that belong to these product marketplaces, and these banks that service payments, they...

that car lending is growing very quickly due to a decrease in the quality of issuances, and at the same time these statistics of increased car lending have been observed since the spring of last year, but the measures were introduced only on july 1, that is, they were only announced now, why is this so, why is this varnish, is it possible in in the future, the use of not only premiums for

this category of loans, but also... now we are reacting specifically to an increase in the share of risky loans, as for limits, well, potentially this is possible, we will discuss it in may and make decisions, thank you, next online question from evgenia bloomberg, you previously spoke about your intention to file lawsuits against countries that have seized russian assets; the united states passed a law on

the confiscation of russian assets. transfer of frozen assets to ukraine, and according to this law, russian owners of frozen assets, such as the central bank, the ministry of finance and the national welfare fund, are deprived of the right to go to court. now what is your strategy? will you try, will you try to return russian assets? we will protect our legitimate interests, we believe that this is the law. well, of course, the strategy is all these appearances of new new laws in other countries, they are taken into account, but we do not disclose our strategy, and tactics , of course, too, colleagues, please, your questions, yes marina, please, marina

piminova, ntv business news . yesterday we all considered that the central bank was faced with the dzhenibekov effect, and i would like to get an explanation from you whether it really became a surprise for the central bank that the cooling of the economy, the one it expected such a cooling of the economy did not happen, when, after all, the central bank is counting on a significant cooling of the economy and an equally significant slowdown in inflation? thank you, i ’ll ask alexey borisovich to answer this question, so let’s do it. from the second half of the question, which directly follows from our forecast, according to our forecast, as i have already explained, the inflation forecast of 4.3 4.8 for the year as a whole assumes that in the fourth quarter of this year the current growth rates, that is, the price increases from month to month, adjusted seasonality in annual terms will be at the level of 4% or lower, and this will actually be...

when this happens, it will be possible to state that demand has returned to balance with supply capabilities, and the economy is further developing along a trajectory of sustainable balanced growth, and regarding the johnny bekov effect, which seems to have attracted attention, i would probably like to explain that this is not such a rare phenomenon that occurs only in zero gravity, in fact it is such... an intermediate axis, it’s called what does the theorem about rotation around say ? correctly, that in three-dimensional space a body has three axes of rotation, and two, two of them, rotation around two of them is stable, the third, which is intermediate, rotation around it

is unstable. you can try the book here.