uh, a business that builds new chains , enters new markets and, uh, continues to develop something trading activity was predictable, there was an opportunity to do this, and uh hmm, but we were introduced for a sharply financial first earlier financial stability risk. not only a restriction on the movement of capital. do you remember we conducted and hmm necessarily the sale of foreign exchange earnings hmm and at the beginning it had to be sold within 3 days. then we e extended this period to 60 days, first for non-commodity, then for all hmm and now we have proposed to the government commission to consider and the next step, but for non-commodity non-energy exporters. in principle, you can already reset. e, be sure to sell foreign exchange earnings, and for raw materials to reduce up to 50% in addition, we consider a. and

to abandon the mandatory sale of foreign exchange earnings, if the currency of the income, if the proceeds are received in the currencies of friendly countries, in addition, they suggested that those exporters who spend their earnings on the purchase of imports were also exempted in this part from the need to sell foreign exchange earnings, but what about the movement? uh means currency, uh, capital in uh, hostile country. we do not yet see in the foreseeable future that these restrictions will be lifted, there is a special procedure for making such payments. thank you yes anya please. you haven't been touched in a long time. hello anna lazareva russia 24. i have two questions about the first exchange rate of the ruble, he returned to the values. as you said in mid-february, is the central bank now exerting influence on him. if not, then under what conditions is such intervention possible, but after that, the question is

connection with exchange rate stabilization. is it possible to early lift restrictions on the purchase of foreign currency for the population until september 9, and one more question, if today colleagues and kommersant published a publication, and perhaps consolidation of vtb open rncb. can you comment on this news? if possible, thanks to the ruble exchange rate, then it is affected by the established restrictions on the capital account. yes, it's possible. there is some easing here, but the main influence is the ratio of import experts no direct influence of the central bank. doesn't have any effect on it. uh, with regards to hmm the lifting of restrictions, which is until september. uh hmm, as far as cash is concerned, but it's hardly possible to look further ahead of schedule. how will the situation develop with regard to the consolidation of banks? uh,

we supported this decision, uh, based on the following, we prepared the opening for sale on the market and worked with potential investors. and by the way, they were uh, and uh, but now in the foreseeable future we also do not see the opportunity to sell uh, otkritie bank to the market and, but we understand that we are like the banking regulator cannot be the owner of the bank for a long time and in these conditions, in our opinion. this is a smart decision. thank you next question online svetlana chislov information agency orelgrad, please, svetlana good afternoon. now inflation is very high. this is especially noticeable in the regions. how to protect savings from depreciation, if it makes sense to invest something now? thank you, well, really high

inflation does not devalue savings and therefore our task as the central bank, uh, is to do everything so that inflation decreases and citizens' incomes of citizens' savings do not depreciate, and so that there are various instruments on the market in which people can invest their savings, because it all depends on the situation a person's family is in, what level of income he has. what is the willingness to take risks? yes, what is the planning horizon and m-m. well, it is important that there are different instruments, first of all, deposits, we see when we raised the key rate and after that grew by, e, deposit rates and steel more attractive, despite rising inflation. we see that people began to bring money for deposits. uh, securities,

any assets should develop, in principle, they are available here too. hmm, depending on the situation, people can diversify. savings. thank you yes andrew please. andrey ostroukh reuters agency, and i have two questions. the first ministry of finance just said that it had made, and the payment eurobonds, uh, which are to be redeemed this year and forty-second, do they understand correctly that russia avoided a default in this way, or now everything will depend on the bank that we received this money from? and the second question. and how seriously the peg of the ruble to gold is now being discussed. thank you. what about

the fulfillment of the ministry of finance of its debt obligations? once again, i would like to note that the ministry of finance has the resources and hmm, from this point of view, from an economic point of view, there is no question of default can go, but there are difficulties in the payments that we see a and hmm i hope that all this will also pass and hmm will end successfully, regarding the rate of pegging the ruble to gold. this is not discussed at all. colleagues, please, inna inna was inspired by frank media, i have two questions, one is a continuation of colleagues regarding the consolidation of vtb and otkritie bank is it correct to understand that according to the configuration of the transaction, the bank of russia will not be able to return the funds spent on the rehabilitation of the discovery and the second question, in your opinion opinion, how much now

the russian banking sector needs the standards of the basel committee on supervision. thank you but the configuration of the deal is not yet. it's all under discussion, so it's too early to talk about a merger deal as far as the basel standards are concerned. we, uh, have implemented brazilian standards, but we have always implemented them, and this emphasized quite flexibly, based on what the russian banking system needs, many risks in the banking system in russia are similar to those in the world and the management of these risks is also very similar. some general rules, general approaches, and so on, but uh, we really, uh, implemented them flexibly. now let's take a look at how the situation develops in our country. what risks for the banking system came to the fore. which ones, on the contrary, may have moved away and we will, based on our own tasks, but

correct them if it is necessary to apply these brazilian standards, but i will once again emphasize the basel standards themselves. by capital adequacy according to and idle other standards. they come from quite reasonable things that are connected with banking activity in general. as such, at the same time, of course, to say that we will now reinvent the wheel here, and that’s all. under no circumstances will this be cancelled. we will look at how to adjust them again in the new conditions, depending on the situation. thank you and the next question is online and kira yukhtenko investment projects, please, kira i have a few questions first, assuming negative scenarios in which inflation will continue to accelerate if the likelihood that the regulator will keep the key rate significantly lower than inflation in order to support the economy, but such a conditionally turkish

scenario, and the second question i will move a little away from the topic of monetary policy. and i would like to know how the central bank evaluates the work of brokers with clients under the sanctions and whether any measures will be taken to support investors who have suffered due to the incorrect work of brokers. and such work. unfortunately, there was a third question. if possible, but would like to understand what are the risks that russian investors will not will be able to buy. uh, american european stocks, let's say through the st. petersburg stock exchange. well, again, it’s like that under sanctions, because now i’m getting together, it’s rather strange, when, uh, let’s say a russian investor can buy shares in a company, let’s say block hitmarte, boeing, and so on, and well , in the conditions of that rhetoric that now there is it seems, uh that it will not always be so. i'd like to know, thank you thank you. as for

hmm that negative scenario, when inflation stops slowing hmm uh, it means that u will start to grow, ah we will carry out, uh, our monetary policy to slow it down, to slow it down in our opinion. e, in order for the restructuring of the e economy to take place. it can and should take place in the context of slowing inflation, and our monetary policy is based on this unconditional priority of price stability, but taking into account the need for structural adjustment of the economy, and here is hmm rather the timing of bringing inflation hmm to a valued goal in order to allow the economy to readjust and relatively valuable prices, but as i said, we expect that the main such structural adjustment price adjustment will be this year and part. next year as regards

how the broker works with investors. yes, we are now receiving complaints from investors, we are carefully looking at situations and cases and we will see. in which cases our reaction will be needed, we are very attentive to this. as for hmm , to what extent, how russian investors will be able to buy foreign securities, but here a lot depends not on us. decisions from decisions of other countries, but here this situation it shows that for those investors who invest in foreign securities. very high are what are called regulatory risks, yes, the risks of various frosts, the risks of various problems in calculations. and this must be borne in mind. colleagues, please, anna is in the last row, right? good afternoon. i also have a few questions, as all colleagues have accumulated. the first question to your

speech in the state duma and in today's release is the speech, how would the red lines pass, that now the digging should be formed in such a way that it would be profitable for the exporter, yes, which replenish the budgets of importers to support in this difficult situation for them. i will emphasize. i'm not asking about the forecast for the ruble. and about that, here is a compromise rate, which, in the opinion of the central bank, would be, but convenient for both exporters and importers. yes. today’s decision was also taken into account at the ruble exchange rate, and not yet taken place, but not announced, but already, as it were, decisions taken to increase, and extraordinary indexation of public sector salaries allowances and pensions, and my second question is in one of the first options, and anti-crisis plans e. the issue of increasing the insurance coverage in the guarantee system up to 2 million rubles was discussed. is this issue being discussed now, is it relevant

at all, or was it relevant only for the moment when there was a large outflow of deposits and my last question concerns the liberated territories. already in mariupol, the head of the administration said that, as payments begin, there are all kinds of pensions. as far as i understand, these withdrawals are made in rubles. ah, then yes, did the central bank deliver us to the liberated territory? how and if this is a problem and did not require an additional mission for this? that's all now there are a lot of questions, because it concerns a certain compromise rate, and which one will be beneficial for the export partner, i want to emphasize once again that we do not target any level of the rate. we believe that and we believe that it is good to have a floating exchange rate, but now we have it in e regimes within the framework of capital movement restrictions and such

task. we do not have to look for some kind of compromise course. i asked alexei borisovich to add, if necessary, and therefore the issue of accounting for indexation below the credit policy certainly affects the exchange rate. there before. this influence was faster due to the fact that the adjustment was accelerated by e-flows. uh, capital to the financial account. now this construction will take place. this influence will be more extended in time, because the mechanism of the impact of the rate on the exchange rate will be more multi-stage. the rate affects the demand for credit credit affects demand demand affects imports. imports ultimately affect the course. e, but there is an impact, but as ibn e said , monetary policy is aimed at ensuring e price stability. and not on the pursuit of some level of the nominal exchange rate and on the budget, again, we relied on there,

current but orientations from the ministry of finance , which were disclosed in some detail. uh, publicly by the finance minister. uh, the day before yesterday, uh, and our understanding is that in these announced figures, in particular, increases in spending on four trillion are based on some of the government's assumptions about the upcoming indexation. uh, social uh social benefits and other payments . and we are starting from these macro budget figures, uh, in our uh in our medium-term forecast, which in turn, uh, is the basis of today's decision. thank you colleagues next issue insurance payments up to two million is not discussed, as far as payments are concerned. this is not a question for the central bank. this is not what we do

next question online elena maslova portal sense, city ​​of barnaul elena please hello, in any case, in our region they say that their branch of the housing construction industry can function quite well when the mortgage rate on mortgage loans is there, well, from 3 to 7%, they call and say different numbers about the fact that even with the current yes, key rates are, well, practically impossible, even taking into account state programs. and is it possible to say that the key rate is, in fact, the legislative rate for mass mortgage lending? thank you well first of all nominal rate, which hmm would be. e,

which would lead to an increase in mortgages. no, i'm just going to give an example that in the twenty-first year we had a mortgage rate of seven eight percent even more than, uh, the ranges you call it, while mortgages grew at 30% a year and a large number of mortgage loans were issued. and do you remember that we even worried and saw signs of a bubble forming, because such an increase in mortgages led not so much to an increase in affordability, but in some housing some regions. she even fell, because there was growth. uh, hmm, the rising cost of housing. but er, yes, now the rates have risen, of course, they have risen. uh, and a lot of banks were raising them. well, that's how this situation arose raised. but for mortgage rates, as long rates, it is very important for banks to trust,

e.g., monetary policy to reduce inflation, because they are guided, among other things, by long-term rates on risk-free investments, like ofz. yes, but they do not reflect, but hmm, the confidence of market participants in the ability of the central bank to control inflation and in in principle, this inflationary premium. hmm, so this is very important and just our policy to reduce inflation. upon its return to the goal, e will create e, the conditions for the expansion of mortgage credit. but for this period, when we have high interest rates, there are, of course, very popular preferential programs. we understand this very well. we discussed it together with the government in order to support the benefits of the program during this period. please add, i just want to re- emphasize. uh, what ilya related said in

speech. uh, the ofz rates are already back at the level they were there at the beginning of february, uh, the end of january, that is, in fact, in terms of the level of medium-term long-term rates. we are already in a situation, a, which was before the increase in rates, er, the key rate. this very clearly demonstrates that the level of the key rate, in fact, cannot be directly extrapolated to e. price. uh, credit in the economy and vice versa, how exactly, if we hadn’t raised the rate, if inflation, uh, after march, how would it have become slow down, then believe me long-term rates would now be at a completely different level, and the only way to ensure the availability of both mortgages and long-term investment resources. this is to provide moderate averages. colleagues, please, tanya what didn't you ask? good afternoon

tatyana voronova frag media i have a question regarding long-term investments of citizens, and before the start of the special operation. ah, there was an instruction from the president that it was necessary to stimulate, uh, long-term savings. and in particular discussed ideas with a third type of isa with financing. this was a broadcast of a press conference by the head of the central bank of russia, elvira nabiulnaya, we are closely following the statements that are being made. well, then on our air, the statements of russian foreign minister sergei lavrov and the situation around afghanistan after the hasty flight of the us and nato occupation forces from kabul to august 2021 and after the taliban came to power, the military-political situation in afghanistan has stabilized significantly. well, relatively, of course, but however, i would like to acknowledge the efforts of the new leadership to return

to peaceful life after a long armed conflict, to resume the normal operation of the national economy, as well as to ensure, uh, law and order security. we note that from the very first days the new authorities confirmed their readiness to develop cooperation with the russian federation , we reciprocate our embassy did not stop its work in the most difficult days and there was no relationship with the olives, as well as with the previous afghan authorities, but with our embassy. in general, i i consider exemplary we are grateful for the measures that have been taken to ensure the safety of our diplomats. we are developing our relationship, uh, and uh, with regard to the work of the afghan embassy. in moscow last month. we have issued an official accreditation to a candidate who is in

the taliban movement. the afghan charge d'affaires in russia was put forward to the opposition. this is the first afghan diplomat to be appointed by the taliban leadership. it has already started work on issues of bilateral cooperation on the twenty-fourth of march, when e kobul was visited, the interdepartmental delegation of the russian federation, headed by the special representative of the president of russia for afghanistan, director of the department of the ministry of foreign affairs for peace kabulov, and with the participation of half a dozen representatives, were also discussed. on the same day, our economic trade and transport departments simultaneously delivered another batch of humanitarian aid, about 20 tons of medicines, such assistance to afghanistan. we will of course continue. we also note that hmm, good conditions are being created for the further development of trade

and economic ties between russia and afghanistan to resume those areas in which they were interrupted for some period. it will also promote contacts between people in general in a broad sense. well, and contacts between our entrepreneurs. we, from the side of the ministry of foreign affairs, provide this process with with worldwide support, we see promising areas for the development of cooperation. for direct contacts between business circles. first of all, this is agriculture , energy, as well as transport, taking into account the high transit potential of afghanistan, but in general, these more than 140 enterprises that were built by the soviet union in afghanistan remain the basis of the afghan economy. and this creates additional opportunities for building up our

cooperation in the trade and economic sphere, we also note the formation of a regional consensus on afghanistan on march 31, a meeting was held in china. uh, head of the ministry of foreign affairs. the neighboring countries of afghanistan took part in it of course, the people's republic of china pakistan iran tajikistan turkmenistan uzbekistan and your obedient servant, the meeting was very useful, important, and consolidated the understanding of that. that in the region around afghanistan we are closely cooperating with like-minded partners, we have common goals to ensure a stable, prosperous afghanistan from the territory of which threats of terrorism. we supported the final documents of the meeting

that took place in china, including the need for broad assistance from our countries to the economic recovery of afghanistan, but at the same time everyone proceeds from the fact that the main financial responsibility for the post-conflict reconstruction of the afghan economy, of course, is borne by the united states and its allies, who for 20 years have reigned supreme in the afghan earth. we will also continue interaction in other formats in particular. in october last year , the moscow format gathered, which is very close in terms of the composition of the participants. uh, the meeting that took place in the people's republic of china and we will continue our interaction openly, we and for cooperation in the united states there is the so-called troika, uh, which includes russia and china in the united states a and the extended troika, which

connects pakistan, we do not close this opportunity for further work, but we believe that it is fundamentally important now to concentrate on the interaction of those who are real, can in practice contribute to the solution of afghan problems, and in the united states, their allies, as i have already said, of course, they must realize their financial responsibility in this regard, and i cannot help but pay attention to the continued blockade of the holdings of the afghan central bank, which were frozen by the united states and e, put forward demands in parallel, but for afghanistan to respond to various ultimatums, which the west puts forward, including uh, punishing afghanistan with sanctions for uh, its uh steps on education reform. what is the problem, they decided on the separate education of boys and girls,

this requires additional costs in order to create appropriate school places, and structures for school places, and for this, of course , the money that was illegally frozen by the united states. eh, quite a lot. would come in handy so that instead of declaring sanctions e and demonstrating the full disrespect for understanding the national cultural traditions of the afghan people this money. it would be better to thaw. i will not now give examples of how it is in the west. liberal governments do not approach the organization of the educational process of boys and girls and someone else there, but to respect the national traditions of afghanistan of the afghan people, and i consider it absolutely necessary that this is much more effective than waving. once again, without any reason, a sanctions baton. we attach great importance to the development of

contacts with afghanistan in the field of education with november, november and december last year, all afghan students returned to continue their studies at russian universities in full-time format. we have been facilitating their delivery. and, of course, i would like to note in conclusion, a our commitment to international law, like everyone else, like all other members of the world community, in terms of the official legal international legal recognition of the new afghan authorities. to do this, we believe they need to continue their efforts. to combat terrorist organizations who, unfortunately, still in afghanistan retain their positions to continue efforts to combat drug trafficking and to ensure the fulfillment of another of their obligations that they publicly assumed when they came to power, namely the creation of an inclusive ethno-political government of the

government, in which not only representatives of various ethnic and confessional groups, but also representatives of all key political movements in the country. i think that this process, uh, which we do in every possible way support should be accelerated and the corresponding wishes of our corresponding proposals. we sent them to kabul and they were received with understanding. this was a statement by sergey lavrov, the head and the ministry of foreign affairs, and the situation around afghanistan was previously discussed at the operational meeting held by vladimir putin with the permanent members of the russian security council. with assistance our people in the donbass with a special military operation in ukraine, but we have others. e questions that are of great interest. uh,

from the point of view of just ensuring the security of our country, including in the southern direction, therefore today. hey, let's talk today. e of this question in relation to events. e in afghanistan and in general here in this region in this direction. let's get down to work speaker sergey viktorovich lavrov vladimir putin discussed by phone with president of kazakhstan kassym shamart tokaev, the prospects for further expansion of trade and economic cooperation, the leaders confirmed that they are committed to the global strengthening of russian kazakhstani alliance relations, they also discussed issues of interaction within the framework of the cb, agreed to continue coordination between the government and the profiles of departments. lang-list for kiev, the us house of representatives adopted a bill that will facilitate the process of supplying american weapons to ukraine, the kiev regime is demanding more and more weapons. but in the end what will get because of what price the bill in congress approved by an overwhelming majority?