on the stock market and so on. so this is a very big job. we probably understand quite well today, the russian government has done a lot to develop specific programs , therefore, in general, we understand where to go, but the question is more about what methods we will achieve at the expense of what, where we will find resources, where we find. uh, here are the opportunities to implement this whole complex of ideas, as far as resources are concerned. here you have indicated in your proposals the infrastructure of the industry vk and maybe technology technology is sure to be here, but how to connect it all the main question is money is money. these are resources, where to get one of the proposals, which already had a certain resonance. it's even discussed on social media. and i have seen such things. uh, it's privatization the word privatization in russia has such a very difficult glory, let's face it. and what are you afraid of chubais

left the country, he was to blame for everything. i don't see a problem. yes, and yet. let's talk about privatization, what do you propose in this and why why this method you know? this is just one of the elements. eh, for me, privatization is primarily a matter of attracting private investment and not so much, maybe even a fiscal task. eh, the fact is that in general i think that in order to achieve the maximum result we need today, as it were, two, uh, two parallel problems to solve. the first is, uh, attract as much private money as possible. uh, first of all, russians, but there is money, i can’t express it in numbers, then i feel from my clients that money today, because , well, it’s so tough with our business and unfairly received money in the west. it makes no sense to place and everyone is thinking about how to invest this money in the development of the russian economy. we campaigned for a long time. our business. here the westerners succeed in this agitation. and now, in principle, very high demand is very high demand. you know, here's a zapa for everything.

mcdonald's and other things are in great demand from the side of business, so the first thing is to attract russian business to give it a platform so that it can invest this money and the second, as it were, the elements are increase in public investment. and even i would say state support or state investments, which i propose to treat at the expense of public debt. uh, here, it seems to me, these are two because the alternative, which is also already being looked at today. this is an increase in taxation. uh, and seizures have arrived as well in my opinion. it will extremely be one-time contributions. well, disposables tend to end up as permanents. yes, i'm not saying that now this is some kind of problem for business. it's clear. in fact, but the principle itself. yes, this is a force majeure, how can one admit, as a systemic solution it should not be, but in my opinion, because and so on, it generally loses motivation. uh, business, and unfortunately, we will only have negative consequences in reverse. by developing the business of increasing

the taxable base, we can create a much stronger e-system. uh, including budget receipts and yet. now, if privatization is all the same. er, do you have any specific suggestions? which enterprises which industries can be, look into limonization. eh, in different forms. maybe, first of all, it could be, uh, some non-controlling stakes in large companies. for example, the privatization of a twenty percent stake in, uh, rosneft gave money, in my opinion, as much as in 10 years, other enterprises were also privatized. yes, we have other large enterprises. there, well, there is a conditional transfer of oil, there is also russian railways , by the way. you can even recently tell me our businessmen. you said if they took a piece of the russian post there to buy. therefore, in this regard, even large ones, but infrastructure there may be some leftovers. secondly, there is. uh, secondly, hpp. here is gpp. now somehow not very developed. we have recently, especially. although this. it seems to me that it is very effective and so on, and we ourselves have gone through this ourselves. on the basis of handicrafts

with frequent partnerships with the involvement of western investors, by the way, they built a new pulkovo airport and high-speed highways in st. petersburg . that is, this is an element that, in my opinion, is also required. uh, additional development now. yes, the third - i gave an example. e, united shipbuilding corporation not because people work poorly there , i absolutely do not want to say this. it's just that this company occupies 80% of the industry's assets; this is generally unacceptable. in my opinion. why is there no level? well, because, because there is no competition, because we even have a front for this, which should go on in the evening , there is no such thing at all. in our bank, i spoke in the state bank, we have 300 banks working. if one corporation has 80%. this is the first second. what can uh, a corporation do when it faces such a huge amount of tasks, where can i get this tool? that is, it is the state only of the state. if she's private she'll uh, attract private. and by the way, there are very successful projects. now the company syntex. she became in st. petersburg uh, produces electro uh? yes, and moscow has already

ordered. so several dozen of these courts are private. yes, she created the technology herself. it means that she managed to create a product that is already in demand today. and by the way, very advanced, very progressive yes, we are based on russian technologies, therefore, why no actually why uncles opportunity? here in this industry to attract? well, maybe not everything can be left, say, defense enterprises. there, separately. exactly exactly a submarine, who will build it? well, in general, firstly, private companies are building abroad, but i don’t even call for this. i say there is. uh, we all have even big state companies and its rostelecom and uh, rostec and its rosatom have companies that don't even belong to profiles. yes, and which could also be, maybe separately approx. well, there are enterprises, medium-small ones too, which we even have final factories, which are the state. well, the final plant, after all,

is probably already strategically. yes? although, it was possible earlier, there was a monopoly yes, but now it seems that there is no one on the field. that's why such things and and i'll say it again, it's not so much. uh, it's a fiscal issue. maybe it's still a question of giving, uh, the opportunity to place yourself in private capital and start investing further. now, if we do not provide this, then he will find capital somewhere starts leaking then. i don’t know how to invest in china, i don’t know, well, there’s nowhere in the emirates, there’s a lot of money there, but it’s still in this, the main thing is not to miss the moment when we can attract private money here, especially the emirates for the second bank . uh, began to impose restrictions. we we looked, there and the market is small. yes, everyone says investments in real estate, but someday the bubble will burst, and so here are our clients who have money and are quite officially abroad. they see that, unfortunately, leaving russia let's say yes, where the market was big. and by the way, we can also talk about this, there is interest there. offer as this market

is now revived on here but here, in fact, so privatization aims to repeat the attraction. er, this is not a sale. e people's good. eh, and now a question. we now have a different country, a different president, a different government, but it cannot allow what was then the first. and secondly, then keep in mind that this was a completely new sphere , there was no experience, nothing at all has changed the socio-political formation in the country. that was the first experience and no one knew how to do it. therefore, it was done well and badly. now i'm sure this is impossible. well, then there was a political decision itself, then the same. uh, chubais said that we would give up every enterprise. we are the nail on the coffin of communism. so it's not close to text. it was a political decision, that's why it was sold out, but now, as they perceived it, they noticed a different situation. and yet, the word image is privatization. uh, remained so negative and it needs to be, probably, to somehow explain what is the essence of your

proposals after that , quite a lot was privatized, not very much, but in recent years. it's just that, unfortunately, even the plans that we had were approved by the government. we have somehow reduced them lately, but i think that everyone understands that private companies are, as it were, a business. in general, these are serious elements of the economy, and it must be developed. well here is an example of your bank. you were not a private bank, but you work effectively and you are an effective manager, but we are not a 100% state. do you know how the example speaks of that here is the sharing of public money. well, nevertheless , the state has the main package. that is, you offer something similar for our other major events. yes, there may be such an option, it may be so, well, in many look. our largest companies have a more direct share of the state, anyway, even less than 50% has long been managed with the help of a quasi state there, that is, different options are possible, and the second, and the proposal you mentioned, is to increase the state's debt. there's a lot here, too, broken, but that level. the interest rates that we have are

quite high. and if we take the world standards, it’s true, now it’s not clear any measures, because they all change, uh, and nevertheless, if you actively increase the state budget, how do you propose? it's understandable whether you would cause growth, interest rates or not, not necessarily. look, here, uh, we have uh, uh . the state debt is there, well, from 15 to seventeen percent. uh, given by the ministry of finance, 15 data. uh ran in this fund 17k. and pvp means even if brix countries take that us friendly start from china to china , in my opinion, seven percent. and, in general, for all brix countries 71 to 86 days. this means that it is believed that somewhere around 7.7%, this is such a safe ceiling in general from 60, this is generally safety, not counting. here is the distance between them, somewhere around 73 million. we considered me, in general, it always surprises me a little if the whole world does differently , even friendly countries that are close there. they doubt, yes, but we do it differently, then

who is the truth here, either we are the only ones so smart, or they are all fools there, sorry, right? well this is probably it. eh, that's why i think that we are more than talking about inflation, but we have inflation. we will now increase the money supply lately, inflation is still the same. we already have there to three percent goes. yeah well, was that last year good? i will give an example in e in china since the eighth year, and the money oil has grown six and a half times the average inflation per year of 2%. and west america europe was pumped up with free money after 38 years , annually accumulated huge amounts of money. this is the most they had inflation until recently grew. and now inflation has risen. mainly due to, uh, due to sanctions, due to the fact that the restriction and so on have broken, but they are not because there is a lot of money, so let's try and see. eh, well, if inflation will stop the processes. we desperately need

funds today. we need a huge industry to create aircraft, we need to build. there it is necessary to create my microchips to do. we have a lot more to do. yes, here are the tasks that are worth it. these are just the priorities. in my opinion, in general, there are a lot of other tasks today connected with re-equipment and the economy to create valuable entire industries, so money is needed. i think that we could well increase the debt. well, let's not not 70% not 77, but in china and at the same time, of course, but heading for this i repeat the alternative could be raising taxes, which in my opinion would be extremely negative. that is, it will suppress economic activity, respectively. ah. but these borrowings from the state, won’t they delay these investments now, it’s better to give these sectors to the state debt than caporation to someone. yes, even well, not after all an investment is an investment. they can be redistributed through the state, but i think that i think not. i think there is a way to treat other remedies, including. and the population we are also talking about this

, we are now working hard to give new life to our stock market and in particular. here are two new initiatives that we have been actively working with the ministry of finance in the central bank. this is the substitution of uh, currency bonds for ruble bonds. this will enable the russians only to receive their dividends there, if coupons, but also sell, buy, and the second is the use of shields from for redemption from russian citizens, and foreign securities, which will raise money for this, big money, and big money, but the main thing is that people suffered. and now. if this decision is made. i hope it will be accepted then, how would western investors be able to use their money to buy back from the russians and the russian will receive his legal rubles instead of the dollars that he invested there in american stock market or european. i think this will seriously create an opportunity as well. yes, for

investing, including in russian securities, but nonetheless. uh, this exchange of assets in various forms, uh different assets, a has already caused some turbulence in the foreign exchange market. anyway, there are such explanations, but that here are certain buyouts of er, foreign foreign assets that they pick up to buy. here's another moment on the market of billions of dollars to throw absolutely. how in general, look here's what they did to us. yes, we had several western banks. in germany, you needed a very good, reliable bank. so we say, that they have no more right to shed. so they put the administration, uh, which the german supervisory authorities appointed the administration of the salon to fill in the editorial office of the bank. means, which means that the assets will now be sold. and if something else remains there, it will be frozen until the remnants are given, of course, it will be frozen until the end of the sanctions, it is necessary to make an absolutely mirror image. right now. there ufin finns

now they are not very friendly there, they have a large ford company, let’s say, yes, here they evaluate it for him, there are some billions of dollars and there are a lot of people who want to go abroad and have even been in russia to buy them. and why let's not take it under control and give it there or some specialized management company in russia. let them manage and pay the state money for it. and when the sanctions end, we will return, well, it 's fair, they will also return it to us there, but they will return it from korea. by the way, and so we redeem and then nothing to us, and now there is more and more active talk about how to take the money in order to send it to the nomination of ukraine with this will end. i think that's why in my opinion it is necessary to buy. i understand private business. once again i say, of course, it is attractive to buy. uh, there for half the price and what costs twice as much there, but the interests of the state. in my opinion, they dictate that it is better for us to slow down this process. it seems to me that this is how i know the position of the central bank. she's about the same. here are some cases you need. you can do it. uh, like keys yeah but how's the system? i think it is absolutely necessary, as it were, a tooth for a sound, or it

is absolutely adequate to exactly reproduce the actions that they do with respect to us. and that's not fair. let's just talk like this, i agree, and citizens ask questions, what is it all about? well, active competitors have no right to give people such a look. we offered, we offered. uh, western european bank. here is the exchange of assets, and i was not ready, but even and even the ecb answered there that this is not our function, this is let's go to brussels, yes we are, well, of course, the decision does not give, regardless of the fact that it is of interest. i think, and now these banks are trying to leave. i don't think they should be allowed to just go and sell it. even cheap. it's, well, it's repeating there must be some sense of justice. i absolutely agree with you. moreover, they create. even the rubles they receive. here, they want to convert currencies go public. there lika is low here and we see these miracles with the course that have been in recent days. now the quality of the situation calmed down, but ah, so what do you think,

uh, should we even pay attention to the regulation of our cotton courses. here the central bank says, we will not interfere with anything. only if some extraordinary events. but is it like today the bank does not have today a large toolkit, except for administrative ones. they are such orders , let's say, restrictions on the withdrawal of foreign currency, because here is one of the people who told us that year we had a big problem that we had 26 billion of the population withdrawn in 3 weeks. uh, two even before the tenth march, until the restriction was introduced, now the market, by the way, has calmed down. here, uh, according to our data, even now, lately , they sell more currency than they buy. that's within the limits of the commercial beyond those 10.000, so i don't think, but i think that, after all , the sanctions forbid here cash currencies here. yes, that's why this, probably, forces the central bank to somehow limit. but it seems to me, starting questions. today i went to adjust the course. since the central bank is not

very state, because he can not. e today it has a big impact. i think, but you yourself said that now you have calmed down a bit. and i think that's the course now. e, in principle, acceptable adequate yes. and we have already touched upon the issue of interest rates. well, you, as the leading banker of the country, cannot but ask this question. uh, because everyone cares, from mortgage holders to equity holders. you said that these are your proposals. again , we return to it to increase the public debt, but it seems to be how it should lead to an increase in interest rates on the other hand. you say, uh, not necessarily, but still, but this is a benchmark for rates, you can now somehow predict it. they are adequate to the current moment or not, look, you see, uh hmm today, if, of course, you look at inflation at the end of the year, but uh, with inflation, let's say, at a four percent rate. with a half is not very justified, it can be

reduced. yes, there to the level, i do not know five and a half and so on. i don't see today uh rates, in my opinion, do not prevent, uh borrowing. we see how, uh, the business is actively active. well i think that one businessmen consider, perhaps, further weakening of the ruble. this is also visible, yes, in their behavior, but then uh hmm we see that despite any sanctions. in general, most of our companies are doing very well today, and therefore, let's adjust the investment program. yes, they change, uh, european equipment to chinese, but nonetheless. today we are here with the participants in a business series of very large investment projects, including in the extraction of minerals and processing, therefore, the demand for loans remains stable. enough and repeats the bet. eh

, even that's 7.5% plus some kind of margin from the bank. she's not intimidating today. although it is clear that the lower the rate, the higher it can be , we will look at economic activity and so on, but it depends, uh, to a large extent on inflation, and inflation can, of course, depend on the money supply, so we need to be careful here. eh, but on the other hand. see. after all, uh, from 2000 to 2020, we developed quite well. yes, and we had inflation, by the way, 10 years of these double digits and they call for doing this. i do not propose to do this. yes, but i am deeply convinced that there is no such direct correlation, as some people imagine, between the increase in the money supply, where it goes if it attacks the stock market, when all the states see there is not there either, there and so on. yes, yes, well, we have a stock market. i think this bubble is still far away and the possibilities can be significantly expanded. well, yes,

in your proposals on the development of our economy, you pay special attention to the stock market, and in our conditions it is relevant, why am i asking this question, because, and i sometimes have to communicate with investors, ordinary people, they ask, and we will get the stock market at all. you know we are not. here we look at our clients and despite the fact that many of them have lost money or the stock indexes have gone down. no, it's a passion, it still remains. i even slow down my employees talking. come on, we are still more careful to sell different kind of complex products. here but now the central bank has limited qualified by the concept of a qualified investor before . anyone who had 6 million could be qualified, therefore. i think that the stock market, of course, will develop in our country, and you know, and we generally have to take investments, then foreign ones will definitely be. we see and the arab countries and india absolutely have an interest. we won't be alone here. here, therefore, our people

, too, of course, will continue to mingle with the stock market. a-a limit, but stock the market also depends on just your first offer. this is privatization, the more private companies, the more issuers on the market, and those that are companies with state ownership. they are very many, uh, listed shares on the stock market. yes and even rosneft and gazprom and sberbank and vtb so the stock market is not only not only dependent on a clean state with well yes, there are such processes and now many ipos have stopped as a result of the sanctions, but i think that there are opportunities for placing shares inside russia will appear soon and such cases will certainly stock will give new presentation of new opportunities. you said that the schemes you propose to unfreeze assets could be adopted. and when can it be expected. i think soon, that is, investors are not so long left. i

think not for long. yes, i think this is the solution to the output of adrianovich. another very important question, and those are your proposals. uh, i already started our conversation by asking why now a and you said we have a few u years. and if we have such a time, maybe it is necessary to somehow speed up the discussion and change it, actually discuss it. it can take years. no, well, look, first of all, of course, this is to speed up everything, yes, this time. well, secondly, i once again emphasized the nose of our very actively developed plans. all our government is actively working and here is the question. no, i generally think that it is very effective today, uh, fishing, uh, and there are regular brainstorming sessions and stuff, just uh, there are nuanced approaches. yes , and even within the government. there are different the minister will evaluate differently. what needs to be done such things also exist unconditionally. yes, the ministry of finance considers one thing, there are specialized ministers, they consider it completely different. yes, it would be clear, one stands guard over the money

of the other for the development of this eternal topic. therefore , this is a discussion, she is an idiot. i just wanted to bring it to a wider, as it were, circle of people. yes, with a snake and so on. and so. uh, of course, these issues are discussed and meetings are held by the president of the regulator. in principle, we are moving, moving well and quite quickly. and in all these areas. it is possible to obtain additional resources additional acceleration by this process. yes , because they ask questions. but do we have enough resources for all these tasks, which are enough for something, no, but uh, for now you see, no matter how the authorities stop any processes. and the main thing is that no one proposes to do this at the expense of social spending. social spending. these are absolutely untouchable parts, and it will be fulfilled, and it will unconditionally fulfill all the obligations of the state. this is the budget deficit first year of all scared you don't scare, no why, because it can be closed easily? including an increase for a long time, well, yes, we again return to the beginning of our

conversation. and i just couldn’t help but ask a question, because a lot of copies are already broken on this one, like, like the ruble fell and so on there is something like that, but that is absolutely. well, what is it really nothing to you great. thank you, you are in a good mood. i think that our economy, too, will cope with all the problems. thank you all the best. for pensioners in sberbank special relations for us, a free savings card, a deposit rate of up to nine and a half percent, in order to please you more often with cashback 3% bonuses in pharmacies, in order to take care of yourself , the loan rate is 2% lower in order to buy what you have long dreamed of transfer your pension to sberbank online or in a branch and get special favorable conditions. office will

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