the rate of price growth has accelerated somewhat compared to the first quarter, well, you need to understand that some things, of course, are, from this, from this range , purely consumer properties, yes, but a significant part of the goods for repairs, they are in demand in other forms of construction, so their prices will be determined by the aggregate demand from all industries for building materials, thank you, yeah. thank you, colleagues, please, your question, tatyana, businessman, tatyana yadovina, businessman, you said about influence, government stimulation of government orders for corporate lending, perhaps there are some quantitative estimates, or at least some assessment of the dynamics in general, that is, is this a consistently high impact, or is it somehow changing over time, thank you , one of the - one

of the areas of such a pronounced influence is preferential mortgages, we have seen that recently mortgages were issued mainly under preferential programs, this seriously influenced, i mean non-addressed preferential mortgages, on corporate loans of the preferential ones themselves there are much fewer programs, but the tendency of companies, let’s say, the company’s appetite for

does not respond, then where are the government lending programs, they really create an additional credit impulse, this is a situation, well, that’s how it was with the preferential mortgage, when the level of interest rates on these loans is in no way related to market rates, in this case, in a situation where inflation and inflation expectations are increasing, it becomes even more attractive to take out a loan. within the framework of these

programs and it turns out that these programs work pro-cyclically, strengthening the credit impulse in the economy, even beyond its physical volume, yes standard, thank you, thank you, colleagues, please, your questions, yes georgy, georgy peremitin, forbes, recently, the committee on standards of credit institutions approved the mortgage standard, which there could be liability for banks that do not comply with it, and also the second question: in mid-july , the publication of daily statistics on over-the-counter foreign exchange trading, which began to be published in april, was suspended, as explained the central bank, this was done in order to limit the influence of sanctions, that’s what from... thank you, thank you very much, as for

the mortgage standard, in principle , the responsibility of banks for compliance with the standards that are developed within the standards committee, too many words on standards , but it so happened, that is , there is an association-based committee on... we believed that it was very important to have such a standard in order to reduce unfair practices when banks mislead consumers, such a standard exists, but it remains the right question you are asking is how, accordingly, it supervises compliance with this standard, these are not standards that the central bank sets, it has a supervisor.

how best to do this, they said that there should also be a supervisory standard, yes, that is, a standard of supervision over these after these standards, and there is a discussion going on about who should carry out this supervision, either the bank of russia, or a committee, respectively, that is, we are in the process discussions, but i hope we will work out a solution so that there was responsibility, but in principle we welcome it when we ourselves...

in order to reduce these risks, we made this decision, so far no changes are expected here. thank you, the next question is from evgenia pismennaya bloomberg. please. hello. bank of china has terminated correspondent relations with the moscow exchange, and the continuation of short-term relations with the only other counterparty remains in question. in case of blockage. trade, how do you see the continuation of the ministry of finance’s operation under the fiscal rule, it was previously assumed that the currency will be sold on a centralized market, how will sales on the nose exchange be distributed, and how will this affect the ruble, this is the first question, the second is about cross-border

payments, colleagues have already asked questions, well , there are big problems with them now, you admit that because of fear of secondary sanctions by banks of other countries, even... friendly ones, russia will find itself in a financial blockade, do you even have a scenario for this case, if i may, i haven’t asked you for so long, the third question is about overheating, but could you give an assessment of the scale overheating russian economy - some kind of quantitative one, that is, demand exceeds the supply of goods and services by 2-3% of gdp, or is it more significant? what indicators does the board of directors especially carefully monitor to assess such overheating? thank you, thank you, regarding our operations within the framework of the fiscal rule, we can carry them out on the stock exchange in the over-the-counter market, this will not affect the exchange rate in any way, if these risks are realized, then

we will explain the specific mechanism, but i can say that we ready to carry this out in the over-the-counter market, as regards...

output is a state of the economy when the volume of output exceeds the so-called potential gdp, that is, the output of products, goods and services that can be produced by the economy, based on the resources, technologies, available here now, production processes, chains, without rapid price increases or inflationary spirals, assessing. we look at the degree of overheating on a wide range of indicators, among the main ones we can highlight unemployment, the growth rate of real wages, lending dynamics, of course, are the main indicator of inflation. we do not give a quantitative assessment of the scale of overheating, because this is still such an unobservable quantity, but

the dynamics of inflation is a very important indicator of economic overheating. at the same time , we have model estimates. which say the following: that in the first half of this year the scale of overheating was probably the maximum in the last 16 years, but it was... on the eve of the 2008 crisis it was higher, and this aggravated the depth of the economic recession, which was largely caused by external reasons, so this, by the way, shows the risks that exist if there is a further increase in overheating, so our monetary policy is aimed at ensuring that this output gap is reduced and the economy... reaches a balanced growth rate. thank you, colleagues, please,

maria. filyushina maria bitkogan. the european commission prohibited citizens and its persons from participating in the exchange of assets. because of this, foreigners may be afraid and not agree to a voluntary exchange. and what would it even look like in this case? exchange of assets and is there any chance of it at all? thank you, but it’s hard for me to comment on the decision of the european commission, which is aimed at the fact that citizens of the european union, among other things , cannot solve their problems that are blocked by the active ones, but we will consider any mechanisms and ways to protect the legitimate interests of russian investors. thank you, marina, please, marina pimenova,

ntv business news, could it now happen that with a rate of 18% , people will actually stop taking loans, and companies will have floating rates? they will also continue to take them; as a result , we will not notice any special impact on inflation. and the second question is about fraud, now new schemes have become more active when scammers come up with us. new faces, they are housing and communal services employees, pension fund employees, they call and ask for a code from an sms, they gain access to government services and take out loans, this is mainly aimed at older citizens, if the central bank has any thoughts, maybe introduce a cooling-off period for this age category, or some additional checks so that people of this age pass, so that such cases do not happen again. thank you, thank you. with our

decisions we, in principle, influence the dynamics of lending as a whole, and the overall dynamics of loans is important for us, but i already talked about the problem of loans at a floating rate to companies, because many companies believed and we actually gave such signals that the rate could begin to decline this year , that’s why we willingly took out loans, but... we have now raised our assessment of the trajectory of the key rate not only for this year, but for next year and the year after, and i think bank companies will do this take into account when making decisions about issuing or receiving loans, the dynamics of retail lending may actually be noticeable, slow down significantly, in general, retail lending, including due to the cooling of mortgages, and in general we expect that the growth rate of loans will be, as they say,

balanced, this will allow us to quickly bring inflation to our goal of 4%, scammers, unfortunately, what you are talking about does happen, indeed older people often find themselves defenseless against this kind of thing. scammers, but what are we we see, unfortunately, not only elderly people, elderly, young, without higher education, with diplomas of higher education, economic education, bank employees, everyone falls into the bait of such scammers, and the cooling-off period, yes, this, in my opinion, an important instrument, we introduced it based on transfers, we are now discussing so that it would be based on loans

from last year, then our inflation has slowed down from the peaks in the autumn, and if such a tightening of monetary policy had not occurred, there would not have been an increase in the key rate, it if it had remained, say, 7.5, then today we would have much higher inflation and a much weaker exchange rate, but a rapid reduction in inflation to the target of 4% is really not happening, not happening. for a number of reasons, this includes overheated aggregate demand, high consumer activity, labor shortages, and at the same time this additional demand is supported by high lending growth rates, our tightening of monetary policy is aimed at reducing pressure on prices from of this additional credit excess

demand and increase incentives for saving behavior - of course, we must take into account, i also talk about this all the time, that monetary policy operates with lags, the lags are 3-6 quarters, we have had a tightening of monetary credit conditions, i wanted to draw attention to this, after we tightened our communication and focused on the fact that monetary conditions will remain tight for a long period, what happened...

i would like to add simply quantitatively, if you look at the scale of the movement of interest rates, whether on deposits or on loans, then their main change occurred precisely in the intervals from april to june, when it became clear that inflation was not, there was no sustainable slowdown in inflation, and accordingly this implies a longer period of maintaining a tight monetary policy. additional tightening is possible, respectively, when we think about the extent to which the 16% rate has had an effect on the economy there, yes, basically this effect has been realized only starting from the second quarter, and this was partly due to the fact that there were expectations of a faster slowdown in inflation,

accordingly, the expectations of financial markets, analysts and... in our forecast that rates will decline faster, in the context of high inflation expectations, this actually created and supported a fairly high demand for credit, well, that’s what we saw during the first half of the year, thank you, colleagues, please, natalya, trushina, natalya trushina, moscow komsomolets member, please tell me, the bank of russia held it for six months the rate is at a fairly high level, and yet inflation, contrary to the january forecasts, including the central bank, did not...

the second half of last year did not decrease enough, it is decreasing slowly, and what worries us is the stable components of inflation, they have actually somehow stabilized, what is this, what does this mean, that we need...

the budget rule is very important in this sense, of course, through monetary policy we

influence aggregate demand and say that growth in demand, it is not supported by the same growth, those the same rate of supply growth. then the peak of inflation has already passed, does the central bank expect traditional deflation in august, and if so, can this affect the reduction of the key

mortgage rate, or the reduction of the key rate in general. and one more question about mortgages, just when we can expect the mortgage market to deflate, and does it make sense to buy apartments now or is it better to keep the money in savings accounts? but as for sustainable inflation rates, they will slow down more slowly, they will decline more slowly, but we proceed from what will happen under the influence of our

decisions on monetary policy, there will be a significant reduction in inflation , primarily in sustainable components about deflation in august, about deflation in august, as we always say, deflation does not happen in a single month, deflation is a process of sustainable decline.

september to november, then there was a slowdown last year, well, in the fall, in fact, from the first quarter, in the second quarter they increased slightly, july, apparently , will also be quite significant, a high value... then we expect continued growth in mortgages mortgage portfolio by 7-12%, this is lower than last year, but this is growth, and... as for

choosing the moment to buy an apartment, everyone has their own life situation, and their own needs, but we proceed from the fact that growth in housing prices, the rate of growth in housing prices will slow down, slow down and may be less than the growth rate of income and population, because they are ahead of the curve, and this must be taken into account when making decisions on purchasing apartments. thank you, the next question is from krasnodar from artyom permikov, the online publication of rbc kavkaz, please hello, elvira sarkhizadovna, as of july 1 , the preferential mortgage program has ceased to operate in russia, how do you think this will affect prices on the real estate market, will it help to achieve a cooling of the market, including in the south of russia, and is there any risk in this case? that developers will stop planning

new projects. or they won’t even complete the existing ones, thank you, thank you, in the south of russia there really was a high increase in housing prices, including due to the fact that there is a very high demand for the purchase of housing in the south, and we we believe that the abolition of non-addressed preferential mortgages will indeed lead to some cooling of the market, to a balanced rate of its growth, it is difficult to say what exactly it will be...

percentage points up to 18% per annum. well, now briefly about what we will tell you in this hour. meeting on valaam, day two. negotiations between putin and lukashenko without the press without ties. what is being discussed. firing from mortars and maneuvers of tank crews. how are fighters trained in the leningrad military district? the company commander's command post is located here. control is carried out remotely. this is where they teach. electric trains are stopped, hotel employees are on strike near the headquarters of the olympic games and a homeless tent camp. the chaos in paris is gaining momentum, and this is what the summer games will be remembered for 20:24. and of course, the weather, showers in the southern urals, flooding in chelyabinsk, what the last month of summer will be like, we'll discuss

with '. the presidents of russia and belarus have been informally communicating on valaam for the second day; today they visited svetly island, part of the archipelago , and toured the chapel of the valaam icon of god mothers, as reported by those close to the press service of the belarusian leader on the telegram channel pool of the first, the meeting is without ties, but the issues on the agenda are the most serious and pressing, mainly a conversation between two leaders without cameras, vladimir putin and alexander... lukashenko came to volam the day before, on thursday, they visited the smolensk church of the icon of the mother of god and toured the chapel of the royal strapterians, and after that they continued to communicate in a closed format without the press. at the training ground in the leningrad military district, the head of the ministry of defense andrei belousov checked, how is the training of fighters going? the skills were demonstrated by junior commanders, as well as those who had just signed a contract. instructors pass on the experience gained in

the north military district zone to tank crews.