zabudkin, first the chairman will make a statement following the meeting of the board of directors, please, good afternoon, today. we decided to keep the key rate at 16% per annum. last year we saw a sharp acceleration inflation. this means that the economy was growing beyond its potential. in other words, heated demand significantly exceeded the possibilities for production growth. we responded to this by increasing the key rate to 16%. and today are the results of the transmission. monetary policy are visible quite clearly, strict monetary conditions have formed, under their influence savings activity is intensifying, credit activity is gradually cooling. as a result, the rate of price growth began to slow down. at the same time, uncertainty regarding the speed with which disinflationary processes will develop , they persist. therefore, for a sustainable return of inflation to the target. we will need to maintain tight monetary conditions for a long time. our policy will allow us to reduce inflation to 4-4% this year and secure it at the target level in the future. let me move on