on the basis of a market economy, of course, the state should support these, and structural changes should fix bottlenecks in the infrastructure, and so on and so forth. that's what the government is doing now, but uh hmm redistribution of resources is the most efficient in the most efficient sectors of the industry, enterprises, of course, should be completely on market terms. and by the way, we see that the economy has adapted much better to the restrictions since february. yes hmm faster and better than many expected. this is largely thanks to the fact that the adjustment mechanisms were market based, so i personally have no doubts about this, and the second question concerns strategy. e different strategies, different approaches, e private investors, but they are always different. yes, there are indeed investors who buy on the market. market days there are those who continue to drop, but

would like to say that the investment opportunities, despite the restrictions, some are mainly related to the action of unfriendly countries, yes, and mako would be classy in using them infrastructure. they are, but a set of financial tools. it remains wide enough. and, of course, private investors can watch. uh, where to invest your resources to diversify in my opinion there are portfolios, what else to add? okay? next question from novosibirsk a evgeniya dergacheva uts citysite evgeniya please good afternoon. ah, the question has already been raised about the frozen gold and foreign exchange reserves, and i would like to continue it, because several times i heard experts say that if this is the case it is difficult to return these frozen reserves to the reverse economy, then why shouldn't the central bank imitate

the corresponding equivalent amount in rubles so that this money would return to the economy? let's perhaps recall a little history, when uh filled up gold and foreign exchange reserves and the bank of russia bought exporters in currencies in the past, new rubles were introduced into circulation. at that moment, we were issuing new rubles into circulation, and the fact that these acquired assets were subsequently frozen does not affect the fate of those rubles with which the bank of russia paid. uh, the exporters buy the currency with these rubles. we paid salaries and made payments to suppliers. and these rubles have been circulating in the russian economy for more than a year. so, there is no need to imitate rubles in order to return

money to the economy. rubles never disappeared from the russian economy. marina pimenova ntv program business news a question about exchange rates , more precisely about cash exchange in some banks, the rates for buying and selling are very different almost twice. hmm buy 40 sell 75 m. question to the central bank is the central bank going to do something about it. and in general, does the regulator worry about such a big difference, thank you, but indeed the spreads for the sale of the purchase of cash currency have increased. this reflects the fact that we are faced with serious restrictions on the flow of personal currencies into our country, and therefore here, uh, banks themselves set these spreads depending on how much currency citizens sell them. yes , how much are they willing to sell, uh, sell already,

respectively, uh, back this currency. we, uh, are not going to interfere in this, because it allows us to balance the demand and supply of cash valu from the side of our citizens and businesses there. a the next question is online a tatyana voronova frank-media, please, tanya yes good afternoon. thanks for the opportunity to ask a question. and i have two of them, and in the first half of the year the banking system worked in the red. we remember those minus 1.5 trillion. but uh, as for the second half of the year, uh, we heard, including the assessment of the central bank regarding the fact that for several months the bank is in a positive zone in terms of profits and our two leading state-owned banks. we were promised that the banking sector would return to profit in 2023. but i would like to understand whether the central bank will extend its

recommendation not to pay dividends, and for 2023 , taking into account the fact that payments from sberbank and hmm let’s say to the budget, you definitely didn’t interfere and hmm the second question, but regarding conversion. and we see that some banks and brokers have actually started. ah, forced currency conversion, i would like to clarify the opposition of the central bank on this matter, after all, how do you feel about the fact that conditions a for customers change and a in one of the comments of the central bank reported that a if new tariffs allow this, and if customers were , and if the client was notified in advance, then this practice takes place , but, but the question is for you in advance. and hmm, that is, what time do you think is optimal, because today one of the banks, but today in the

message of one of the banks, a was a passage about that our kurchet does not work from november 1 and please, until the thirty-first until the evening of october 31, and withdraw dollars, and this is just one working day, but not counting the evening, five months of today and a well lake, of course, write me down in advance . thank you. thank you, with regard to the banking system, really profitability. the banking system is recovering, we expect this trend to continue in the twenty-third year, as for the policy on dividends, we have and for this year the recommendation was, not to pay dividends, so banks, uh, that take advantage of our regulatory easing. yes, but if they do not enjoy regulatory relaxations, they have a profit, they can pay dividends, we will consider it additionally. is it necessary to save this recommendation for the future? perhaps,

indeed, there will not be such expediency in this as this year. ah, with regard to the forced so-called forced currency conversion, but our position was and is that if this is not provided for, then by agreements. that forced uh there should be no conversion into rubles and, uh , citizens, customers should have the choice to leave. e your funds in foreign currencies, taking on the risks of commissions, and so on, or convert rubles. by the way, we see that people themselves are now quite actively

converting voluntarily. about timing and timing. and reference there are such rules of the contract, or general rules that we adhere to, we will carefully monitor that citizens have. citizens and clients had enough time to make this choice consciously. and the next question is tatyana chubasova interfax will be congratulations on the birth of your daughter. thank you very much, thank you, and i have two questions, and the first question is related to the continuation with the subsidiaries of foreign banks. uh, several deals have already been announced, in addition to uralsib , let's say the other day, uh, mercedes said that he will sell to a russian investor. uh, from the edits. including mercedes-bank. so they received a petition from the central bank, and for the purchase from russian

investors of this bank, and well, they issued permission, taking into account the fact that he is on the list, a tied with the specified president a and e, and through bc also said that he does not leave attempts uh, sell your daughter to a russian investor. and how , uh, now the state of affairs in legal affairs with these transactions, the second question is whether the departure of a significant number of citizens from the country after 21 september so macroeconomic, huh? it was not considered as a significant factor. i am the central bank in connection with this, some additional restrictions on cross-border transfers. thank you as for the daughter of foreign subsidiaries of foreign banks and the desire of foreign banks to sell to other investors, i do not currently have information on the first bank that you asked whether such a request was received, in any case we can not give permission to me the procedures that are established by the

pattern and that's all the procedures that the decree has will be followed. and the second thing about hmm ah departure, and in connection with this, we did not consider additional restrictions on cross-border transfers for some of our citizens. thank you very much redshpress again. is there an assessment of the demand for credit holidays for mobilized citizens and how clearly this mechanism works, recorded people's complaints about the implementation of this law, thank you. we're uh collecting information. we will publish it monthly. eh, we will publish volumes. e restructured loans or credit holidays, which are provided by e in accordance with e with legal regulations. and as for

mechanism e, we monitor how it works , including with banks, so that banks are sympathetic to the provision of such credit holidays. for example, one of the circumstances was obtaining a power of attorney. we explained to the banks that the power of attorney, perhaps, but in a simple form, while some other questions arise, of course, they come to us. there are only about 300 grievances. uh, there are such complaints in our call centers, and uh, hmm, just questions for understanding. as the mechanism works, but in each case there is a violation of rights. of course, we will respond and work with the banks accordingly to ensure that this mechanism works hmm in the most efficient way. a the next question is from elena fabrichnaya reuters can the rate cut continue in december or will the pause be longer

? well, i will repeat what the forest has already said and is asked to answer one of the first questions, which is the follow-up. there was broad consensus in today's meeting. eh, as in part, uh, the decision to leave the rate unchanged at 7.5, and in terms of a neutral signal, respectively, if , uh, we considered, a significant probability of a rate cut at the next meetings would have been mentioned in the relocation. thank you the next question, but from the tire mongosh e, gtrk-tyva, and famine, the city of kyzyl, and there are a lot of payments now from the swap, will this affect the level of inflation? in general, we do not expect this across the country, which will affect inflation, because these payments are already made within

the framework of those budget expenditures that provided, in addition, we do not see what would be the household that receives these payments. we would start spending them actively. we see just that the savings model of behavior has slightly increased. e precautionary savings, what is called and we do not expect these additional payments to have an inflationary impact, well, until the end of the year, of course, the situation in different regions. it can develop differently depending on the income level of the regions. we will analyze and monitor the next online question from anna kaledina newspaper izvestiya a-a yesterday the president at the valdai club said that he had consulted with the central bank and the government before the event. e and can state e that the peak of e economic difficulties is behind, and such an opinion was expressed to him in the central bank. this is a question.

do you agree that they are behind and how can this be argued? well, really, uh , difficult moments related to adjusting the economy to those restrictions that were, uh, introduced in the spring first of all. uh, hmm we see that this adaptation is quite active and better, than our expectations are better than were the expectations in the spring better. than waiting for the summer. but this does not mean that we have easy tasks ahead of us; we have the most difficult task of structural adjustment and, of course, external pressure. e, but saves e remains can be strengthened we understand all this very well and there is a rather complicated process of structural restructuring of the economy ahead for it to enter a sustainable development trajectory. for the next question online media project fanimania

konstantin tsygankov please hello good evening, i probably already have two simple questions. the first one we had was two, well, something reminiscent of a bankran, when people went into the cash, it happened in february and it happened on september 21, how the central bank assesses the risks, and this hmm and will the system withstand, let's say, a third of this kind, peng is extremely god forbid, of course. and the second question is, if i may, how would you comment on hmm the government's idea of ​​​​deficiting the budget deficit from the national wealth fund federation, then there is with frozen currency coins and the inability to mirror withdraw from the pnp. hmm, the use of fnb, in fact, is the emission, let's say it is simpler. uh, how do you assess the contribution of uh to inflation of this aspect? thanks on the first question, i wouldn't

call it a bankran, because usually a bankrupt is when a run on a bank happens, when people uh hmm a stop believing in the financial stability of specific banks. these were still somewhat different phenomena, especially in september in many respects ah. people, uh, took funds from the banks, uh, and in force on by virtue of creating savings in the village such. here are the precautionary motives, what is called and uh, by the way, uh, the withdrawal of funds from banks. now it was smoother and smaller. than it was in february in february, the banking system coped with this demand for liquidity and now it has coped with being corrected. well, firstly, except that hmm the system is in a structural surplus, and banks can do it. liquidity, if you need to raise

deposit rates, we saw this in february, when the increase in deposit rates. uh got de money back in banking system. by the way, now the latest data show the same thing, that the money began to return to the banking system. in addition, banks always have safety nets. they can get liquidity from the central bank against collateral. it is now very large - 9 trillion to 9 trillion rubles of securities and an additional nine trillion rubles of non-marketable assets. just as needed. they can always get this liquidity by standards, so no questions asked that our system can't cope with the outflow of liquidity. as for the second question, alexey pavlovich thank you very much. uh addition on the first issue of the main indicator. also, the system copes with this is that the money market rates remain

close to the key one. this means no liquidity squeeze in the banking system. no, she quite gets what she needs. er, the flexibility to manage your liquidity through our standard operations. as for questions about fnb. here here, i think a somewhat broader answer is required. well, it must be said that the impact of budgetary policy on inflation is realized through the contribution of budgetary policy to aggregate demand and to the growth of the money supply and, in turn, affects the dynamics of the money supply. uh, the cumulative value of the budget deficit, the use of swf funds is just one of the methods of financing the deficit, and therefore for the inflation forecast for our micro-organic forecast for our monetary policy decisions. uh, the trajectory of structural deficit is important. and as noted in chairman e street, we are taking into account the government's announced budgetary rules. in the form in which they are submitted to the

duma in the form of a three-year budget, in the first reading, they have already been approved by the parliament, and we take them into account in the forecast and in the forecast trajectory of the key rate, which was published once again today, in budget policy , which reflected budgeted inflation. next year there will be e, 5-7%, and taking into account the ongoing monetary policy will return to 4%, the twenty-fourth year. and at the same time with large volumes of the budget deficit. again. i want to emphasize that the question is precisely in the deficit, and not in how it is specifically financed, the contribution of the budget to the dynamics of demand and the money supply will be greater and, accordingly, in order to keep inflation on the same trajectory and return it to four percent in the twenty- fourth year others factors that affect demand and the money supply, the main such factor in the formation of the money supply is credit e private sector and loans to the economy. to

do this, if the contribution of the budget is greater, then the contribution of the credit to the economy will have to be less. so , accordingly, this will require a tighter monetary policy and higher values ​​of the key rate, but again, the forecast that has now been formed is fully based on the budget plans that the government has currently formed. this is russia 24 main facts right now russian president vladimir putin president of azerbaijan ilham aliyev and prime minister of armenia nikol pashinyan will hold trilateral talks in sochi on monday 31 october. this message from the kremlin press service i quote is planned to review the progress of implementation.