the ministry of defense and the russian guard are expanding opportunities for fighters. employees of both departments for receiving medical care. the head of these structures, andrei belousov, and viktor zolotov signed a corresponding agreement. according to it , military personnel and members of the russian guard will be able to undergo examinations and medical examinations, as well as receive assistance, drugs and medical products in medical institutions of the two departments. thus, as part of the agreement, the russian guard allocates part of the places in five of its organizations, and in addition, doctors will help soldiers and employees with joint participation in operations to maintain or restore peace. affairs of our country. according to andrei

belousov, this will increase the efficiency and availability of treatment for participants in the special operation. in order to optimize the provision of medical care to military personnel who received medical treatment during a special military operation, interaction has been organized between the russian guard and the ministry of defense. wounded military personnel of the defense department are admitted to the national guard hospital for treatment, where they undergo a comprehensive examination specialized medical care is provided. carrying out common tasks to protect the fatherland, the medical service of our departments united common efforts to provide medical support to participants in a special military operation who received custody during hostilities . and cooperation in this direction will only expand. here in the hospital i don’t know the russian guard yet, only the doctors, but i think they’re good guys, we’re doing one thing, victory will be shared by...

everyone, well, now a broadcast from the central bank, alexey zabotkina, first a statement chairman following the results of the meeting of the board of directors. good afternoon, today we have decided to increase the key rate to 18% per annum. previously, we named four triggers for raising rates, all of them came true.

restrictions for increasing production, companies make significant investments in increasing labor productivity, automation and robotization, but firstly, the effect of investment will only appear. over time, secondly, the company’s costs for the purchase of equipment are increasingly growing due to generally high inflation and additionally due to sanctions obstacles. this reduces the business’s ability to increase labor productivity and technical re-equipment. and although the supply of goods and services will continue to expand under these conditions, this will not happen as quickly as demand is currently growing. at the same time , inflation is high. and rising costs require constant adjustments to investment projects. low inflation, which our policy aims to return, will allow companies to more effectively implement their investment programs due to more accessible financing and

more moderate costs. taking into account gdp data for the first half of the year, we have increased our economic growth estimate for this year to 3.5-4%. next year. the rate will slow down to 0.5-1.5%, by the twenty-seventh year the economy will reach a balanced rate of 1.5-2.5%. third, monetary conditions. over the past six months, the key rate has somewhat restrained the rate of loan growth, but its dynamics are still far from balanced. why is this happening: firstly, the growth in demand for loans has significantly exceeded ours. estimates in the calculation of a reduction in the key rate already in this year, as our forecast previously assumed, enterprises continued to rapidly increase borrowing at floating rates. as a result , the increase in lending at floating rates is almost 99% of the increase in all ruble

lending to companies since the beginning of this year. in addition, borrowers were ready to take out loans at higher rates due to rising inflation expectations and record profits. and also hoping to occupy vacated promising niches in the markets. secondly, the volume of the budget incentive structure had a greater impact on loans than we did assumed. companies that entered into government contracts were ready to take out loans at higher rates in anticipation of payments from the budget, and of course, preferential mortgage lending programs played an important role. such changes in budget expenditures led to the formation of significant credit. impulses, thirdly, consumer lending grew faster in conditions of increasing incomes of a significant part of the population, this allowed people to save and spend more. thus, the rate of expansion of lending exceeded our forecast, and the level of the key rate in such

conditions turned out to be insufficient to repay the loan at a more balanced pace. july saw the peak of applications for preferential mortgages. they were waiting for the end of her actions and were in a hurry to jump into the last carriage. in july, the demand for mortgages decreased, but in fact the first 2 weeks of july were a pause in transactions, since new parameters for family mortgages were not approved. therefore, the data for june, which overestimates the growth rate for july and underestimates the growth rate of loans, is not indicative. more substantiated conclusions about sustainable dynamics of mortgage lending. can only be done after these temporary effects have been exhausted, that is, towards the end of the third quarter. the results, the results of the first half of the year showed that a higher level of rates in the economy is needed, including taking into account the higher estimate of the neutral rate, we adjusted it up by one and a half

percentage points to 7.5 8.5%. this reflects a comprehensive review of the changes that have taken place in recent years. associated both with a structural increase in demand for investments and with an increase in the risk of premiums, mitigation parameters of the fiscal rule by increasing neutral rates in the world. since our last meeting, ofz yields and money market rates for all maturities have increased significantly. the upward movement of the curve has already taken into account our signals about a tighter monetary policy, including today’s decision on the key rate. greater tightness of monetary conditions will contribute to balanced credit dynamics and will also increase the propensity to save. let me move on to external conditions: our view of the global economy and the situation commodity markets have not changed significantly. in

the second quarter, the value of exports remained unchanged in annual terms, with restrained import dynamics. the situation with imports is associated with difficulties. 7 billion us dollars. next, i will focus on the risks for the baseline forecast. their balance

is still biased towards pro-inflationary ones. firstly, there is a risk that the economy will continue to overheat. it may be associated both with the persistence of excess demand and with restrictions on the supply side. the main indicator here is inflation. secondly, inflation expectations. the stronger the high inflation... labor efficiency, but the scale of what kind of increase in production expansion

this will give to the potential is still difficult to assess. finally, we continue to consider the impact of fiscal policy on aggregate demand. if the normalization of fiscal policy deviates from the approved trajectory, deviates from the approved trajectory, this will have a significant impact on the degree of monetary policy tightness. in conclusion about the future trajectory of the key rates, we will keep the rate high for a long time, the time it takes to return inflation to the target, if necessary, we do not rule out an additional increase in the key rate, this is reflected in the updated forecast, where the rate trajectory is significantly increased by the next 3 years. thank you for your attention. colleagues, please, your questions, introduce yourself, do not forget to call. well,

now the footage that we just received, the presidents of russia and belarus informally communicate on valaam, as reported by those close to the press service of the belarusian leader on pula’s telegram channel, the meeting is without ties, but the issues on the agenda are the most serious. it's basically talking without cameras. vladimir putin and alexander lukashenko arrived on the island of olam the day before on thursday they visited. and up to 19 and 20%, that is, to the level

when with a high degree of probability it will be possible to talk about the end of the rate increase cycle. we decided to increase it to eighteen, but as i already said, we do not rule out a further increase, further our steps will depend on incoming data. colleagues, please, nastya! savelyeva anastasia interfax: on august 13 , the license expires, the fact of winding down the operation with the moscow exchange group, have the risks of ending yuan exchange trading in russia increased in your opinion, and what do you think the situation with imports will develop in the future, how big is the problem with payments, including with yuans , can this problem be solved quickly, and one more question: does the central bank support the lifting of the ban? for the collection and seizure of funds from s’s accounts, if this is within the framework of cases related to

compensation for damage to the russian federation and the central bank, and could you at least name the order of the numbers, how many accounts are currently in the c accounts? this is a trillion, several trillion? as for the risks associated with cross-border payments, the risks of secondary sanctions have really increased, we see this in the difficult situation with payments. the company is actively looking for ways to ensure that the calculations take place, but i will not comment further. as for imports, the question was, yes, the situation with payments, of course, has an impact on imports, but in our opinion, another factor is tightening of monetary conditions, it is quite difficult to separate one factor from the other from the other, but most likely there is an influence of both factors, and as for

es-type accounts, i have already said more than once that we do not disclose the volume of assets in the accounts. tips, as for the response measures, also, as i already said, the decision is made by the country’s leadership. thank you, the next question is from lipetsk from sergei malyukov, lipetsk newspaper. sergey, please. good afternoon. elbiradovna, tell me, was it considered at the meeting today? option of shock therapy, increasing the key rate by 5-7 points at the same time. and why did you decide to abandon such a scenario? thank you. “good afternoon, thank you for your question, sharp increases in the key rate can be used by central banks, we also used this, usually in two cases: first, when it is necessary to mitigate risks of financial stability, as we had in russia in the fourteenth and twenty-second years, in cases where the reaction

of monetary policy to rising inflation is already very late, here is an example for last..."

in order for the process of reducing inflation to be irreversible, but our situation, for example, cannot be compared with turkey, so we did not consider this option, we cannot now raise the rate higher in order to bring it back even faster to the goal, why, in our opinion, this cannot be done with such an increase in the rate of this coin, as they say: two sides, yes, we can achieve a stop in inflation and even provoke deflation with a prohibitive level of the rate, but the result will not be a return of the economy to a stable one, balanced growth, and excessive cooling of demand with excessive volatility in all parameters, interest rates,

production, employment, strong deviation, as a result of inflation. here now from 16 to 18, on the change in the forecast trajectory of the rate, the average rate next year, if you look at the center of the range, increased from 11 to 15%, in the twenty- sixth year from 6.5 to 10.5%, both are a change not of two percentage points, but of four percentage points, this is what gives additional rigidity to today’s

decision. thank you, colleagues, please, sergey. boltov sergey, rossiyskaya gazeta, please tell me what was the main mistake of numerous experts who at the beginning of this year predicted the imminent start of reducing the key rate, and one more question, if possible, in recent months banks have sharply increased the yield on deposits, so their rates began to exceed the key rate by two, three and even in some cases 4%. how long do you think this situation can last? thank you. thank you. analysts, like us, expressed judgments about the imminent start reduction of the key rate based on the data that was available to us...

despite the fact that all other demand factors work to expand it, and this is a fundamental difference and in full, this understanding of the duration of the period of maintaining high rates, it was formed only in in recent months, as new information has come out, if you have noticed, we have begun to emphasize that a return to inflation will require a longer period of maintenance. tight monetary conditions, last month we started talking about we are ready to increase the rate if risks to inflation are realized and our updated forecast for

the rate, it does not imply a rate reduction this year, the second question is about profitability, if the return on the deposit is several percentage points higher than the key rate, but usually the rate. for deposits above the key rate of return, these are used by banks for marketing purposes to attract new clients, and here you need to look very carefully at these rates, because it often happens that these rates are offered only for during the first months, and then the rate goes down, so it is very important to look at this here, but if we are talking about rates on...

the effect will disappear, thank you, colleagues, elena, fabrichnaya, elena factory agency reuters, please tell me you assessed

the risks of impact on inflation, the government increased duties on a number of consumer goods from unfriendly countries, there may be secondary effects, how this will affect inflation, our second question is related to some experts during the week of silence suggested that the central bank lower rates. as central the bank of china did this, please tell me, do you generally follow the decisions of the people’s bank of china, and somehow relate your policy to them? thank you, regarding the increase in duties, but an increase in duties is always about inflation, almost always about the inflation factor, but we think that the effects of the current decision will be limited, because it will not affect a very large group of goods, the consumer basket up to 7%. of course, we are watching

the policies of central banks and the situation in china, of course, also carefully we look not only at the policy of the central bank, what is happening with the development of the economy, this is our key trading partner, as for their supply decisions, they have a different regime, a different monetary policy regime, besides, for them the problem is not...

will direct available money for the purchase of other goods that are in the cpi list, unlike apartments, and there will be a sharp rise in prices, or will the abolition of preferential mortgages have a disinflationary effect, why? the second part of the question: and before, people after purchasing apartments in a new building necessarily purchased related goods and services: tiles, laminate flooring, plumbing fixtures, furniture, but will the structure of consumer demand possibly change in this regard? already the completion of non-addressed preferential mortgages will reduce inflationary pressure, although the direct cost of housing, the cost of apartments is not included in the consumer price index, but high rates of issuance of any loans and any mortgage loans, market, preferential,

they... rates on deposits, well, who- then it will certainly be directed to consumption, but on in our opinion, a large share will go to savings, especially taking into account the increase in market rates. as for the change in the structure of consumer demand, it is probably too early to talk about this; firstly, the effects are not immediate; many apartments were purchased with the help of preferential mortgages

and are still being built by the owners. will receive them for several years, and accordingly, this will create demand for goods for repairs, so they will continue to buy apartments, let me remind you that in our forecast mortgages will grow at a rate of 7-12%, we are not talking about a decrease in the mortgage portfolio, we are just talking about the fact that this mortgage portfolio will grow in a more moderate, balanced way... the latest data so far speak of a cooling of demand for furniture and consumer building materials in the second quarter of the rate of price growth in these categories for sure as well as the general rate of price growth

accelerated somewhat. is a purely consumer property, yes, but a significant part of the goods for repairs are in demand in other forms of construction, so their prices will be determined aggregate demand from all industries for building materials, thank you, thank you, colleagues, please, your question from...