we are open to work with the whole world, our policy is devoid of any selfishness, the summit of the countries of the shanghai cooperation organization, the main statement and the decision to be made. the seaports of the european union have accumulated 300,000 tons of russian fertilizers. we are ready to transfer them free of charge to a developing country,

but who is now preventing the world supply of both fertilizers and food, as well as the supply of arms, which the united states continues and which causes conflict in european countries. a series of terrorist attacks on the liberated territory from the side of the apu in lugansk prosecutor general was killed in an explosion in his office kherson administration was attacked by rocket fire there is a dead iranian. well, now on our channel there is a live broadcast from the central bank of the press conference of ban ka grower and chairman alexei bobotkin and at the beginning of the chairman's statement following the meeting of the board of directors. eh, good afternoon. today we have decided to reduce the key rate by 50 basis points to 7.5% per annum. uh, with this key rate level, we appreciate that we are

in the zone of neutral monetary policy. we see that one-time disinflationary factors are gradually losing their strength, while pro-inflationary risks are growing. we believe that the space for further key rate cuts has narrowed; according to our forecast, taking into account the heterogeneous impact of structural transformation, inflation in the twenty- third year will be 5-7% monetary the policy aims to bring it back to four percent in 2024. let's move on to the arguments. the first annual inflation slows down, but in the future, the effect of disinflationary factors will weaken. the main role in the correction of prices in the summer months was played by the strengthening of the ruble, the increased propensity of the population to save, and the growth in the supply of agricultural products. these are largely one-time factors whose influence

will gradually decrease. the current price growth rates will be higher than today's near zero values, while we do not rule out that annual inflation. in the first half of next year will temporarily fall below the target and beyond the effect high base, that is, compares the prices of consumer goods and services in march april next year with prices in march april this year, when there were rush demand and a sharp surge, arithmetic prices we can get low figures in this regard, annual inflation will be how the rear-view mirror reflects situation in 2022? in addition to those factors that i have already listed. uh, today's weak inflationary pressure is due to the effects of economic restructuring, we said earlier that it mainly increases inflation. and now we see that the situation is more complicated.

restructuring can be accompanied by disinfection processes. so the effects of sanctions on exports and imports can be both pro-inflationary and disinflationary and can change direction over time. let me explain in more detail in the case of an import sanction, the initial effect is certainly pro-inflationary, as the economy faces a shortage of sub-section goods, but then they can begin to act, corrective factors. first appear alternative channels, supplies, goods, substitutes and so on a gradual recovery in imports softens the pro-inflationary effect. secondly, if a significant volume of imports was sanctioned, then the demand for the currency inside the country falls and the ruble strengthens, which also leads to a correction of the initial price jump .

including through an increase in supplies to the domestic market, which puts downward pressure on prices. if the sanctions lead to a decrease in the inflow export earnings to the country, then through the weakening of the ruble. this partially reduces the initial disinflationary momentum over time, many companies will find new external markets for inflation. this factor works both as a plus due to the fact that companies get more flexibility in pricing policy in the domestic market, and as a minus due to the restoration of the inflow of foreign exchange earnings, the exchange rate is strengthening. what gives a disinflationary effect? in summary, we believe that economic restructuring will be accompanied by accelerated growth prices, despite some periods of their correction and this is an important circumstance on the basis of which we forecast inflation above the target next year and which is taken into account when conducting monetary policy, as for this year, we have lowered

the inflation forecast to 11-13%. make a decision , we rely not so much on the current dynamics of inflation. what is the forecast and key importance on the forecast horizon, the assessment of sustainable inflationary pressure is stable. it means cleared of seasonality and the contributions of the most volatile components that make inflationary trends noisy. this score is low today, but still above zero. i am referring to the median of core inflation and other measures of inflation, stripped of volatile components. in the future, stable inflationary pressure will increase somewhat, including this may occur due to a decrease in the population's propensity to save; now citizens are more likely to save than to spend to a large extent. this is due to the high uncertainty of the decrease in real income, as well as fears about future

income and employment, but this is partly due to the factor, let's say, forced savings , citizens could save money for large purchases of trips, but had to wait with this and, as a result, unspent funds. stayed in bank accounts. continued elevated inflation expectations could shift this behavior towards more active consumption. we are concerned that inflation expectations of the population remain at elevated levels and even slightly increased despite several months of decline in the general price level, which was not observed in previous periods of slowing inflation, for example, in 2019. and if the situation in the economy develops better, the expectation will be more confident in the prospects for income and employment, then this can also give impetus to consumer activity. the second situation in the economy, uh, is shaping up better, the

expectation of a decline in gdp in the second quarter is close to our forecast, while there are signs that in the third quarter the situation is developing a little more positive, although still very heterogeneous across sectors and regions, the situation in the coal-fired metallurgy and forestry industries is more difficult, where supply restrictions significantly impede the company's work, sales of goods to the west have been greatly reduced and somewhere it has become impossible, and sales of goods to the east require significant building infrastructure - it will take time. at the same time, the adaptation of the company of importers is quite active, importing household appliances electronics were able to restore supplies due to reorientation to other manufacturers and parallel imports. the construction industry has also been able to supply many items to the farm, mostly able to find new

seed suppliers. detailed information on these topics can be found in our report on the regional economy. a few words about the labor market, the situation here remains stable . in recent months, companies have begun to use part-time mechanisms a little less often, and the demand for labor remains at a stable level. although its structure is changing. for example, a company imports new equipment and there is a demand for specialists who have been retrained for work. on it, the restructuring of the economy will inevitably lead to the release of labor. where production loses its economic meaning, its flow to where new opportunities open up. this can be translated into a temporary increase in structural unemployment. we will take into account all these trends in the updated forecast, which will be presented in october. e with a high probability , the gdp forecast for this year will be improved. the third

monetary conditions according to our estimates now in general, the neutral structure of household savings in banks is to adjust to the changes in monetary conditions that have occurred, if in the spring the ofz curve was inverted, that is, rates for short periods were higher than for long ones, now the curve has normalized after it , and deposit rates have adjusted, which influenced the change in the structure of deposits of the population so open in the spring, at high rates, short-term deposits flowed into current accounts and longer-term deposits. thus, the savings structure returns to the observed in the past year. the demand of businesses and the population for loans is increasing. uh, corporate lending after a pause in the spring months is growing at a high pace. although

loans under preferential programs continue to play an important role, the importance of market lending is growing, which becomes more attractive after a significant reduction in the key rate in the retail segment. growth guaranteed. mostly mortgages. the bank's risk appetite is recovering, which is also noticeable unsecured loans. generally. now monetary conditions do not have a non -inflationary, non-disinfecting effect. now i will dwell on the risks for the forecast of disinflationary risks. mostly they can appear on the short-term horizon. these include a more significant pass-through to prices of the ruble appreciation that has already taken place, the preservation or strengthening of the savings behavior model, as well as the redirection of export products to the domestic market. on the medium term, still uh,

dominated by inflationary risks. these include a decrease in the inflow of foreign exchange earnings, because of the already announced sanctions, geopolitical risks remain significant. an additional negative impact may have a worsening situation in the global economy. in the zone of high uncertainty is the consumer activity of the population, increased inflationary expectations, until it transforms into increased consumer demand. however, this may change, especially in the context of high unanchored inflation expectations and possible a scenario in which citizens start to spend their savings at an accelerated rate, as well as use unsecured loans more actively, may cause additional problems. on the supply side. we have not yet fully faced the consequences of restrictions on investment imports. and since the service life of the equipment

is quite long, and over time, these problems can be more pronounced. an important question for us - this is the budget in the last month and budget expenditures are growing at an accelerated pace. this may also create pro-inflationary effects. and i will dwell separately on the topic of the mutual influence of monetary and budgetary policy, the budget deficit, along with the credit of the economy, is a channel for creating money. the more money enters the economy through the budget channel, the less room there is for balanced growth of credit to the economy of that growth that does not create excessive inflationary pressure and contain the growth of this credit to ensure low sustainable inflation. we will be forced through a higher rate and long-term budget policy towards softer means that the central bank. we will have to maintain a

higher level of rates in order to ensure price stability, so the size of the structural budget deficit will affect our estimate of rate neutrality. now, about the prospects for monetary policy, the rate cut cycle is likely to be close to completion, there are many signs that the current inflationary pressure is no longer decreasing and in these conditions we consider it expedient to remain in the zone neutral policy. taking into account that the inflation forecast for the next year exceeds the target level, we estimate the range of the short-term neutral rate to be the highest range of the long-term ones, which are 5-6%. and our policy aims to bring inflation back to 4 percent in 2024. thank you for your attention. thank you colleagues, please, your

questions, and be sure to introduce yourself name your publication and try to speak into the microphone. uh, the first question is tatyana chubasova interfax this interfax, here you can clarify the moment they said that the cycle of monetary easing is already close to completion, and hmm, is there any potential for a rate cut before the end of this year at the upcoming board meetings, can this cycle be completed this year or is it still? something everything depends on some external and internal conditions, and your inflation forecast has also been improved this year by 11-13%. is it possible to say that it will develop closer to the lower limit of the range? or, well, you don't have those grades yet. thank you. thank you for e further trajectory of the bet, and i will repeat myself. we

do believe that the room for a rate cut has definitely narrowed. we will look at the data, that is, we cannot exclude some other movements, but the probability. decreased and as you rightly said, everything will depend on internal and external factors, we will evaluate them. in october. we will present hmm an updated forecast and in accordance with the data coming in and with an updated forecast. we will make a decision on the rate, as far as it concerns. uh, inflation estimates, uh 11-13%, well, in this range now we cannot say where it is more likely, let's say in the whole range. please, rita please hello shpilevsky tass agency uh traditional question what solutions were considered today and whether the option of maintaining the key rate was on the table and the second question, uh,

clarifying rather you said that in the first half of next year, it is possible to reduce inflation below the target level , and in which months, maybe there is some specifics. thank you. thank you. we considered three options. a 50 bps cut 25 bps cut and keep the rate. uh, in regards to hmm declining yearly inflation figures. uh, even below the target it's mostly due to the base effect, and we have an increased pace. e price increases were from march to april, so it's here, maybe just in time for the spring months. uh, these are the lowest rates of the annual rate, but i will emphasize this is an arithmetic effect, because we expect that , after all, the current uh, rates will increase. i have a

few questions, and the first one is about the signal. here did you remove the signals of the statement today, does this mean that, uh, you will not publish it at all now, and the second question concerns the budget, and you mentioned the budget and budget expenditures, but according to your assessment, how much should the budget deficit grow this year and in next year, so that the central bank begins to tighten monetary policy and the third question. a probably concerns you, but should we expect that, maybe you will be again this year or early next year we hope the brooch thank you thank you regarding the signal, uh we it was not removed. we managed to remove the directional signal. that is, we remain forcing ourselves to give more directional signals if necessary, but really, as we are close to completion. uh, a cycle of decline, we assume that the next step, in addition to maintaining the rate,

may be an increase. eh, but not an excluded reduction. we are now really at a stage where everything depends on external internal factors, and on how pro- inflationary disinflationary risks will materialize, that concerns budget expenditures, but we do not give such an estimate. what kind of budget deficit is needed, there we take into account, uh, budget policy when we make decisions on, uh, monetary policy, uh, but uh, in order to hmm us, uh, to avoid, let's say, the need for an increase. uh, monetary tightening rates, of course, in our opinion. uh, the budget deficit should be gradually reduced. he is well aware that during periods of crisis the budget deficit increases, it is necessary to finance many anti-crisis and structural expenses, as well.

restructuring the economy, uh, but nevertheless we expect the budget deficit to u decrease in the long term u about brooches, but i don't see any reason to resort to them yet. uh, want to run over to complete yourself. well, the only thing, perhaps according to remarque, is now the basic forecast. uh, july yes, here is the actualization that we were doing now as a matter of routine, and they assume, uh, those parameters of the budget policy that were indexed in the draft of the main directions of the budget policy, which the ministry of finance presented in june. if you remember, uh, respectively, here, if in the end the budget that will demolish the duma will be significantly different from these parameters. well, then it will be a significant factor, which, along with

other factors, will be taken into account when determining the trajectory. for the next year, i would really like to emphasize that the budget is an important factor, indeed its importance is great, but it is not the only factor. we will make a decision based on the totality of all e factors that affect there may affect the economy inflation. colleagues, please, dmitry is the last row, and at the august september. these declines raise pension expectations of some obvious explanation. and no, therefore, despite the fact that from the battle it is clearly not possible to predict inflationary expectations. whom is the hypothesis, how will it lead? how anticipation will behave as well in october. uh, the first thing i would like to say is that in the summer months we still have inflation expectations in this range of 10.5 and 12.5, yes declining on the rise, but of course we are concerned about

the fact that now the inflation expectation remains high, despite the decrease in the current current price dynamics. yes usually, with such a long-term decline in monthly prices, well, there was a pronounced decrease in frictional expectations, uh. we do not make hypotheses. and how they will behave, really now a lot. in which affect inflation expectations. uh, and especially the sensitivity to the exchange rate and expectations for the exchange rate, but nevertheless persists, while other factors. e. well, here we will take into account, based on the data that we receive almost monthly on inflation expectations, alexei borisovich, as i would like to emphasize that not only the inflation expectations of the population, that is , uh, but also the price expectations of the enterprise in our questions have stopped declining. yes, uh, that is, well, we probably read this as an indication that the business

of the population, uh, appreciates, well, quite a high uncertainty about the overall economic situation. and it's broadcast, elevated inflationary expectations, therefore certainly forced to take into account when determining the level of nominal rates, because the behavior is actually affected by the difference between our nominal rates infectious expectations. andrey please andrey witty agency raider please tell us what options you are considering in the near future with the resumption of currency purchases. and when do you think there will be clarity about the fiscal rule, that is, what currencies will be bought in what volume by the central bank? thanks e. resumption purchases of currency, it is possible only in the form of mirroring the operation within the framework of the budget rule, if the budget rule provides for the operations of the nwf in the currency market, and

hmm, we are the competence of the government. how will the budget rule be enforced? it is being discussed now, but hmm. we hope in the near future, there will be more clarity on the budgetary rules. we will support his introduction of the fiscal rule in terms of. uh, creating conditions for macroeconomic stability. yes please alex i want to remind you that the budget rule is not about buying currency about what you buy. fierce if oil and gas revenues exceed the baseline. and if they are lower, then the currency is sold within the framework of the budget rule. questions for arkhangelsk andrey murashov online edition truth of the north, please good afternoon, big. thanks for the opportunity to ask a question. maybe it will seem a little local, but for our region for the sea. this is quite an important topic. e, the fact is that the industrialists of the arkhangelsk region faced difficulties

associated primarily with a change in geography, uh, to come out with their own products. well, accordingly, this is due to its own problem with transportation and hmm , the strengthening of the ruble had a rather negative impact on export earnings. could you please tell me whether the monetary policy of the bank of russia, under the conditions of the sanctions, is able to provide assistance to the industry, which, in general, is important for the arkhangelsk region. well, probably for other regions of russia, the only ones in the first place. thank you so much. thank you so much. i already have questions and uh, i'm speaking she said in her speech that if it turned out to be an industrial complex, the situation is really quite complicated. hmm, because in many respects this industry worked for export and depended on the outside. questions that are cut short, but just the situation in this industry shows why we need, uh, structural restructuring of the economy. uh, and uh, if some of the products find new markets

, some will not, and therefore, of course, you need to think about how the timber industry should change in general, the level will increase. processing in order to produce products that can find more demand in the domestic market. we understand that such structural adjustment requires an investment loan. need investment loans need long money. e at affordable rates. and it directly depends on inflation - low-sustained inflation. first of all, it affects the availability of long-term loans and, as i have said more than once, the key rate, it primarily affects the cost of short money. she cost long of money. it is inflation that influences the rates and our monetary policy is precisely aimed at achieving a consistently low level of inflation and e, this will help increase long-term

investment loans for an economy that is going through structural adjustment, but so far the stakes are high. here, of course, the government can help with uhm worlds on industrial policy through capital grants subsidies, but this is really the purview of the government. which industries? in what, in what volume, in what forms, and provide support? colleagues yes sasha please alexandra wald, lifehan invest i have a question regarding retail investors, a very sore subject now, it has been repeatedly said that it is necessary to return the trust of a retail investor and it is very interesting to people, in general, what measures are supposed to be taken in order to return this trust and the second question - these are exchange rates. now it is floating, but are there any chances that we will switch to a targeted rate, and are there any risks

that there will be restrictions on free conversion of currencies of unfriendly countries and let me ask you a third question, too, connected with various investors, non-qualified investors will not be able to buy shares of unfriendly countries from the age of 23, but at the same time they will be able to buy mutual funds of russian management companies for these same foreign shares, which guided the bank of russia when did such a restriction and why are they affordable, provided that the infrastructure risks in them are the same, if not more, thank you very much. thank you, just in the night uh, s maybe from the exchange rate. yeah, uh. hmm. we're on the assumption that a floating rate is better than a fixed one. although you see discussions go on this topic. e, once again i will repeat the arguments in in my opinion. they are very important, and in uh, a floating rate is the ability to conduct independently hmm an independent

monetary policy, because such a fixed rate is a rate that depends on economic policy on the stability of inflation on the interest rates of the party that imitates the currency, which is tied hmm uh maybe the ruble is pegged as the national currency. incidentally, we have recently seen an acceleration of inflation in these countries that issue reserve currencies. our price growth stopped, too, largely due to. uh, the floating rate and and uh, with the m-th floating rate, the economy adapts faster to changes in external conditions. our external conditions have changed significantly and, of course, this has had a different effect on different industries and the floating exchange rate. it just lets you take it into account. here is this heterogeneity. e hmm and the impact of changing external

conditions for certain industries is, as it were, such a common denominator. and of course on the one hand. the price for this quick adaptation could be increased volatility. e course, with sudden changes. uh external circumstances. well, what happened with us, but still there are awards here. this is a more stable equilibrium, more rapid adjustment of the economy and lower inflation after the adjustment is completed. uh, the economy to these conditions. and of course. e hmm and this is very important. mm to talk about uh more predictability and stability of the real exchange rate of the ruble budget rule budget rule that we have been in force in recent years. it did allow for, uh, greater stability. it was in such an indirect effect, but more than the stability of the real exchange rate. uh, in regards to free conversion, but really

, here are the currencies we're used to. uh, hmm currencies reserve dollars euros for many holders have become uh, toxic, that is, uh, because there are risks and freezes and hmm and those countries where release. we can say that they do not want us not to actively use it, and therefore, of course, we see that banks are also trying to reduce these risks , all these commissions that are discussed many times. they are connected in many respects with this, but always change the e-currency for rubles. perhaps uh and uh here absolutely hmm what is called free rules, regarding unqualified investors and uh availability, and for them foreign securities, including hmm and for mutual funds really uh in mutual funds for unqualified

mutual funds are available to investors, but i would like to say that not all mutual funds are available to unqualified investors, namely those where such complex instruments contain no more than 40%, that is, from this point of view. there, too, the structure of these mutual funds is very important. and, of course, the most important thing is that mutual funds are managed by professionals. professionals who can a-a consider risks track these risks, including what we call infrastructure risks. yes, the risks of holding certain, uh, foreign securities. uh, and they need these the risks must be taken into account and make decisions pif pif make decisions that are best for their clients and in case of violation of these principles. they have a fiduciary responsibility, that is, mutual funds bear, including responsibility for this and, in addition, a mutual fund is a collective investment. they still allow you to diversify risks. uh,

compared to investments in the paper of one issuer. well, when a person just buys, uh, the securities of one foreign company, he takes a risk, in general, for this for this company pif is already big diversification, e tools. and even if the risks are realized for any one type of securities, they can be compensated for by the positive. speakers on other instruments, so here are a few here such a differentiated approach want to add something no thanks. margarita mordovina margarita mordovina rbc i will also have partly about the investor in the continuation of alexander's questions to alexander at the moscow forum of the ministry of finance. you said that on the basis of the dia , the possibility of creating a fund from which part of the funds can be compensated to investors. here, tell me, please, do the central bank have estimates. and how many frozen funds of

non-residents? we now have and in what assets these funds can be invested and the second question. after the ladies of yesterday's events yes sanctions. does a now see a sharp cessation of acceptance of cards by the world abroad, if there is a threat of sanctions in particular in turkey and was there a dialogue with the turkish regulator, so the question is also with regulators of other countries thank you the idea of ​​​​creating a compensation fund for cb base it is in procedure under discussion. there are many questions and many details. eh, the main purpose of this proposal. we are ready to discuss other proposals. it's really. uh, try to regain investor confidence in the retail market. here's what has already been asked about freezing. these are securities - this, of course, leads to a decrease in trust. we were talking

about using funds in accounts, such as s a, several hundred billion rubles have been accumulated there, but these funds, so, like c, can continue grow. we are not talking about the use of these funds, but here the scope of the rights of non-residents. it remains these funds frozen, it is about the use of income from the investment of those funds, we consider it important that they remain not in the banking system, but directed to hmm compensation, respectively, uh, people who have situations where their assets are frozen. where a wide class of investments is invested is, in principle, the investment of these funds. it brings in income. uh, these incomes can change depending on depending on how the situation on the financial market develops there, but nonetheless. this is a tool that is obtained and that can be

used again, we are still in the process of discussion. we will discuss with colleagues from the ministries of departments with financial market participants and with representatives of investors what forms it is better to do this? uh, regarding the world map, we are working with many regulators in many countries to expand the geography of accepting the world map, but of course, we face difficulties. here you also mentioned turkey, when banks in these countries, of course, try to minimize the risks of sanctions for themselves, the risks of secondary sanctions and such refusals happen, especially for cards issued by sanctions banks, but we continue to work. this is everyday work. the next question is from denis elakhovsky fani money, please good afternoon. i would like to be the first on my

questions on the topic of investor confidence, we could not help but hear loud indignation, er, domestic investors, the situation around stocks. uh, gazprom on the eve of the publication of the decision of the board of directors on the interim dividend. eh, hmm difficult. uh, at least investors had to explain these movements with something other than the action of insiders. what measures are the bank of russia going to take to combat sensational trading on the russian market? this is the first question. another question about ah . what actions do the bank of russia plan to take in the event of depreciation as a result of changes in the trade balance, in particular, e, the bank of russia considered the possibility of revising the current limits on the withdrawal of currency abroad for individuals. i was talking about the same million dollars a month, and the issue on cryptocurrencies , the prime minister, instructed the relevant department,

including with the participation of the bank of russia, to come to a compromise on the use of cryptocurrencies by december 19. what is the probability that the bank of russia will be able to soften its position to the one that still, as it were, postulates about the use of cryptocurrencies with er, make this industry more liberal in russia at least well by the end of the year. thanks for the first question. uh, actually about the insider world hmm related to cases of insider possible insider trading on the stock exchange. we come from what is experienced on this is probably one of the most transparent mechanisms for assessing the cost of pricing, therefore the confidence in pricing. the stock exchange is very important in terms of investor confidence. we're talking a lot about, yes. investors, we really need restore that trust and, uh, equity

pricing on the exchange. this is a key element and we, as a regulator, identify deliberate violations in pricing , market manipulation, or constantly monitor insider trading. ah, the course of the auction. in order to detect such anomalies in pricing, if such an anomaly is detected, we begin to figure out what influenced what the conditions were, signs of manipulation or the use of insider trading after such the signs are set, we are already starting a detailed check, and the verification process itself takes some time. it is not public, but until the moment of approval until the moment the results are approved, because this may also affect the business reputation of those whom we check and but if the

fact of manipulation or insider trading is confirmed, then we publish this information without fail here. we act practically like the majority. uh, regulators in other countries. uh, this work has been going on for several years. for all the time we uh this we did the work and found uh, 126 facts, uh, manipulation and, uh, i think six facts, uh, misuse of insider information. and i must say that here in early september. it's really. long fact-finding work on evidence in early september. uh, the first criminal offense was handed down on insider trading in currency, and here we are aimed at the verdict, mm, and polishing with insider information is aimed at revealing all the facts. interaction with law enforcement agencies, because the law in relation to practice in this

part in our country has not yet developed. it develops gradually. here i say that was the first case. e now as for the course, and on the course. eh, indeed, the dynamics of exports and imports to a lesser extent now have a greater influence. e movement in finance and much will depend on how it will develop, how the trends will develop. e in export and import. there are a lot of external restrictions on the effects of external restrictions. we take this into account monetary policy. and just the dynamics of foreign trade. this is one of the factors that we look at very carefully. if in this part alekseevich want to add no, with regard to cryptocurrencies, and we hmm our position we are ready to discuss. ah, ways. the use of digital financial assets, including cryptocurrencies, for international settlements, but

we, uh, continue to oppose the use of cryptocurrencies as a means of payment and against free circulation. uh, inside the country. uh, we continue to discuss all these issues with the government as well, but in our opinion there is great potential. e, in for international settlements, there is also e in digital currencies of central banks. what about digital financial assets? we have digital financial assets legislation, and that's the part where digital financial assets are. don't hmm want to be uh, money all horned, don't assume they're using a money surrogate. we believe that the focus should be for simplification. e release of such digital financial assets. here are probably the main hmm the basic principles of work, well, please discuss the details with the governments of your colleagues, please, yes yulia

good afternoon yulia kuznetsova investment adviser in the register of the central bank, first of all i want to thank you for the opportunity to ask a question in person, and in continuation of the topic of crypto-currencies yesterday at the crypto- conference we presented the crypto-ruble in connection with this question. how they look at you and further us the times of the introduction of the digital ruble. whether this will continue in the twenty-third year, we will see the digital ruble in action. uh, first a few small questions for me, if i may. the second question concerns the gold and foreign exchange reserves frozen in our country. as far as the cba at the current time, whether there is any plan, perhaps, how to return everything back to the country and the third regarding trust, uh, retail investors and investment advisers, as far as possible in the future work, investment adviser retail investor lead the promotion of the profession of investment adviser . well, for example, as an option. uh, you can. hmm, the director suggested this opportunity.

with ruax safiullin, one of these is possible. and make a recommendation to an investment advisor to a retail investor who is not a qualified investor in terms of buying paper that a qualified investor might buy. that's how difficult it is. well, taking the opportunity. i want to thank you for making such a difficult time, really. it costs a lot to make such serious responsible correct decisions in the current economic conditions of the situation. thank you thank you very much for the kind words regarding digital ruble. we are very actively working on this project. we consider it very important for the development of the financial system for settlements. we are currently testing the digital ruble with 15 banks. but this is really such a test mode. uh, how to open wallets on the digital ruble platform and make transfers

between citizens, how to make payments? uh, that means for goods and services as well. qr-codes , uh, but we want to start with real clients, well, also in test mode, but with real clients in limited limited volumes gradually it is somewhere from april 1, 23. uh, there are a lot of technological issues here, and it is very important for us that there is confidence in this new form of digital ruble, all cybersecurity issues have been resolved so that it is seamlessly convenient for people and comfortable with regard to gold and foreign exchange reserves. uh, hmm perspective, probably a judicial one. but this is a very long process. we are preparing to study hmm this question, how best to proceed, as for investment advisors, really investment advisors are hmm important important financial market participants, and can help

to increase investor confidence in the financial market. well, here's the question you asked. the investment adviser gave a recommendation to allow any authorized investor to buy those papers that we are not allowed, which he would buy as an already qualified investor, but we still treat this with restraint, because the investment adviser. now he gives recommendations, he takes the risk anyway, a person, and in the first place, time can pass between recommendation and how the transaction is carried out during this time the situation has changed people. eh, he himself does not know how to assess these risks, he took it upon himself and suffered losses. in addition, in our opinion, additional legislative changes are still required in order to expand the powers, including opportunities for investment advisers to more clearly establish , uh, the scope of responsibility, because now veditorial responsibility. it is spelled out very formally to invest