as to, as to the possibility of a rate increase? yes, we gave a signal that we are considering. er, a possibility, we admit the possibility of a rate increase at the next meetings, including the july meeting, but everything will depend on the incoming data. as for the second question. e hmm about deflation this year? no, we don't, we don't. and what will be the annual deflation here is the probability e of the annual deflation. uh, this year is equal to zero months, and since, as uh, we have already noted or somehow you yourself see in the statistics the indicators of annual inflation in may have already begun accelerate recent point by week data two point six percent of the year and as of the races. even the annual inflation will

come out very low negative, whether it is the values ​​of the last year the annual inflation will noticeably increase during e years this autumn. uh, so it is completely inappropriate to speak of negative rates of annual inflation. yes, with regard to the local maximum of annual inflation, you understand that it will be somewhere at the end of this year in the first half of next year for sure. yes, it's impossible to say. colleagues, please, rita margarita mordovina rbc i will have a few questions today. it is known that the association of russian banks sent a proposal to the central bank to provide credit holidays for victims of terrorist acts of hostilities , sabotage and other such circumstances. tell me, please, what is the position of the central bank . on this initiative, we know that the central bank

sent a letter to the banks and gave some recommendations. what recommendations are we talking about, and the second question is also on the latest news. it is known that one of the banks introduced a fairly substantial commission for crediting dollars, up to 50% of the amount of credits goes there. and how does a bank like the bank of russia feel about this, does it think that regulation is necessary? yes, if some strong large commissions are introduced and the third question, clarifying what you have already said. so you noted that now the share of exports for which rass. entered in rubles is 41% could you clarify. e. how much is the share of imports, which are calculated in rubles or in friendly currencies? thanks a lot. thanks that regarding the first question. in principle, our policy is that, uh,

credit holidays are provided in such cases. you know, we came up with an initiative so that people of independence of the situation have the opportunity to receive credit holidays. once there on a loan, if uh, certain life circumstances come, and uh, hmm we hmm also we understand that the borrowers who were uh were forced to leave the border areas hmm and therefore lost income, in our opinion . they can apply to your creditor. these are banks and micro. a financial institution with a request to change e, the terms of a loan agreement or loans and banks should now consider this on an individual basis. and we sent such recommendations and would also like to say if the bank refuses such considerations. we also ask you to contact us at the central bank. uh, we will monitor the situation and analyze the incoming

appeals. uh, and i must say that we used to send such recommendations to banks on the restructuring of debts of citizens, who suffer as a result of emergencies . and we have a well-established mechanism for interaction with banks and conventional banks. eh, they work quite constructively in such situations. as for the commission that banks set for transfers in foreign currencies. this is the right of banks, and it is related, we also talked about it. this is due to the fact that hmm banks understand the risks of dealing with foreign liquidity, some of them have restrictions, so in order to mitigate such risks and in order to hmm as a last resort, uh, citizens' funds weren't frozen in foreign currency either. they establish such commissions. hmm

, with regard to the calculations of the share of calculations e- imports, and in rubles. uh yes, this process is happening at my fingertips just no data. e exact, what is the percentage there now? ah, export. i remember that imports are also growing, of course, this is the share of payments in rubles and in national currencies. and although, as far as i remember, a little less than e. this happens a little slower in export. thank you the next question is from denis elakhovsky's money project compound interest denis please good afternoon. thanks a lot. i will have two questions, one on the implementation of the budget rule, and the second on the imbalance between the expected inflation observed. to the first question, when you expect the ministry of finance to m-m transitions from selling it, they are gold from the nwf to buying. can the current weakening of the ruble caused by this increase in budget revenues accelerate this process, and how

, in this case , what will be the additional impact on inflation and the ruble exchange rate when the ministry of finance starts selling mm currency, i'm sorry to buy it back and the second question, if you look at the data on observed and expected inflation over the past 10-100 years there. hmm observed inflation almost always . underestimate, uh, future inflation in their decision on the rate is included in this fact, thank you very much. from the second question about watching we expect inflation. we now really hmm are seeing inflation more than expected inflation and this gap between observed and expected inflation.

he is more than he was more than the eighteenth and nineteenth year this happens. uh, often after uh, a period of sharp acceleration hmm price rises, and people even and people remember for a long time, this burst of inflation, even if time has passed, if a year has passed, uh, expected inflation, it is more related, including with the credibility of monetary policy. and we, of course, we look at observing inflation, but it is also at the expected inflation, but solving them by monetary policy. for us , the expected inflation is more important. we are talking. collection expectations, because, based on this, people make decisions about savings, consumption, and so on, but i would not say that, by the way, people always underestimate future

inflation in their expectations, on the contrary, they expect more inflation in fact and inflation is less these cases were also. eh, and as for sales purchase by the ministry of finance, yuan, we weather in general hmm but do not see hmm do not see that the ministry of finance e, will switch to buying yuan in a separate month of operation may depend on incoming revenue. and prices. here, uh, well, the weather in general, we don’t, mmm, we don’t lay such a thing . alexei, if possible, yes, comment on this additionally. yes, this can be seen from our uh macroeconomic forecast. yes, april shows that the weather as a whole, foreign exchange reserves are reduced exactly by the amount that will be realized as part of sales according to the budget rule, that it is important to emphasize here

that, indeed , there is a very common opinion that the direction of the operation of the ministry of finance within the framework of the budget rule somehow affects the dynamics. e exchange rate. this opinion is erroneous, because the meaning of the budget rule, well, the meaning of the budget rule is the stabilization of expenditures, but its side effects are that the operations of the ministry of finance within the framework of the budget rule exactly compensate for fluctuations in oil and gas revenues and, accordingly , in the period when the market is less foreign exchange earnings, because oil prices are low, then the ministry of finance configures this by selling currency from its own e from the nwf, and when more foreign exchange earnings enter the market, then, on the contrary, this excess is partially absorbed into the e-e background of national welfare and, accordingly, from the point of view of the

context in which the question was asked. uh, in terms of influence on the foreign exchange market. direction of the operation of the ministry of finance. uh, within the budget rule. in fact , it does not affect the impact of external factors. please, sergey tam bolotov sergey arguments and facts in the border regions, risks to the life, health and property of citizens have increased, and in this regard, the question is whether the bank of russia is discussing with commercial banks and insurance companies to change the insurance conditions so that residents of the kursk belgorod region can insure their life and health property and receive payments on already insured products and , uh, the second question concerns food inflation in russia, it is at a low level, but in eastern europe it is at

an all-time high. are there risks that this high food inflation will spread, uh, s. e of europe to the russian market. thank you indeed. uh, it is very important to provide and residents of border areas, and insure their lives and health. also property. this is a very important task and given that uh? uh, market participants are now overestimating these insurance risks. we are having a discussion with them, uh, on what needs to be done in order to provide these basic financial services for uh, residents, we will take measures as necessary in parts, if such market insurance proves to be quite expensive. yes, hmm , premiums, risks should be correlated uh, here, uh, then it will be a necessary measure of state support and we will discuss it with the government. what measures may be required here? this concerns

the first question, with regard to food inflation. she's really hmm lower. uh, well, due to the base effect , first of all, yes, and and after its growth in the spring of last year , there was a correction in food prices , and mm, restrained consumer demand, and, uh , that there was a very good harvest in many articles and e, the transfer of a strong course is quite a strong course. this kept food prices down. uh, but i must say that uh, food prices are very volatile. yes, it depends on what points in 12 months you take during the year. they, uh, can fluctuate a lot. that is why we see that now there may be

some increase in indicators due to these base effects. but for us , it is important that our general indicator of inflation be kept within four percent. this will mean an overall more moderate pace rise in food prices want, that is, in general, we note at the release that high carry-overs of the last crop hmm in particular in cereals and good forecasts for this year, well, frankly, in relation to the average annual is still very good. e. hmm, they are rather creating disinfection and disinflationary factors for the rest of this year in terms of precisely food inflation. but uh, as it was said virally , the general level of inflation is important for us, the growth rate of the general u general price level, and it is bringing this general price level closer to four

percent stabilization. at this level , monetary policy will be directed. thank you. and the next question is from andrey pushkarev, vladivostok newspaper . recently, the central bank has been criticized that its actions, primarily in terms of the key rate, hinder the development of the economy. how fair are such criticisms? perhaps, in the current conditions , the central bank should use other tools besides the key rate. no, we do not slow down, we, on the contrary, contribute to growth economy sustainable balanced economic growth, because without solving the problem of price stability, the economy will be thrown, then a victim in the cold and just after a short-term boom. uh, there could be a deep recession. by the way, this is often accompanied by a financial crisis, so price stability is

the most important factor in the long-term balanced growth of the economy. just this inflation targeting policy is a counter- cyclical macroeconomic policy. in general. it is designed to prevent. e. here such fluctuations, sometimes overheating , sometimes hypothermia of the economy, and, as experience has shown, by the way, last year, our regimes of monetary targeting credit policy. it can reduce the consequences of not only such cyclical fluctuations, but even serious consequences of serious structural shocks. you are talking about a different toolkit for a different toolkit and support for the economy. he is above all the government. these are structural changes, but if we are talking about providing soft loans some industries or a wide range of industries

at the expense of the central bank, then in our opinion. it will rather harm the economy, because for everyone else who does not get access to good loans. credit terms will worsen and it won't be much different. here. uh, well, yes, uh, stimulating certain industries to the detriment of others, but the methods of monetary credit policy, the tools of monetary credit policy. he carries all the same on the whole and in general, well, in addition to the tools of monetary policy. at us as a mega-regulator, of course, there is another tool that we use to support economic growth - this is the development of the financial market. the whole stock market. you know that we have recently decided on a risk-sensitive approach in terms of banking regulation, so that hunter banks lend to projects for the structural

transformation of industries, but these industries again determine the government the central bank should not conduct structural policy and determine which here is what industries what companies help or not help? thank colleagues before dmitry please. thanks dmitry morocco russia 24 elvirskih evdodovna, and now technologies related to artificial intelligence are gaining more and more popularity. such as chat gpt, for example, but many warn of their danger. this is how the central bank evaluates the risks associated with the possible arrival of such technologies in the financial sector. uh, bergevuyu trade, in particular. thanks to technology, probably not only artificial intelligence. they open up new possibilities. of course, there are new risks. and it is important to understand these risks. when it arises, it is a new technology. and now there is an assessment of these risks,

not yet completely, of course, everyone understands. what are the implications for artificial intelligence? by the way, we see a great potential for use in the financial market. not only without live bidding for banks , many are also trying to use artificial intelligence and e in assessing the scoring of borrowers. e other fight issues with fraud and so on, so there are prospects there, but you are right, you need to understand how to track these risks to stop them. uh, to ensure that technology is not only a boon. thank you and the next online question from eugene written by bloomberg please hello one. i have a clarifying question, uh, colleagues asked about rupees. could you clarify how much has accumulated in the group of funds that cannot be converted, but if not exactly the amount, i understand that this is

probably difficult, but it is millions of dollars billions of dollars, but tens of billions. well , that is somehow hmm to understand the scale of this not-so-terrible or growing problem. this is the first question and the second one, information has begun to appear in the media that over the past year you have reached a very qualitatively new level of interaction with governments. and you are now oriented. and form your plans according to some chinese scheme, based on the goal of a sustainable increase in gdp, while maintaining financial stability. as i understand it, they are inflation targeting, that is, inflation same. it is being calculated, but the first indicator is an increase in gdp with stability, so, is it something we have not noticed this year. thank you, with regard

to rupees of revenue, i will not name the accumulated figures, but i want to say that the scale is really insignificant in terms of, uh, if you measure it as a share of the total volume of foreign exchange earnings. eh, here. uh, as far as our interaction with the government is concerned, no change. uh, in our format , there was no interaction with the government on macroeconomic policy and not intended when i spoke. i also talked about this about increasing the degree of coordination by our correctional department. first of all, i talked about the times of anti-crisis measures. hmm, regulatory easing for the financial sector. uh, borrower support. e. a film on the movement of capital. of course, we discussed all this quite closely with the corrections. e on macroeconomic policy interaction. the same can be said to have become more dense, because in conditions of high uncertainty, when the situation is changing rapidly. we synchronize our watches more often because

each of us assesses the situation, as we see uh and uh, the challenges of the future look to the future, but all decisions on monetary policy. both were accepted and are being accepted by the bank of russia absolutely independently and as regards our goal of supporting economic growth. we have vanished legislative determined that the purpose of monetary policy. this is uh hmm support for price stability, including for the formation of a balanced sustainable economic growth, because price stability. this is a factor of economic growth. we are fine understood e not in our opinion central bank independence is by far the most important prerequisite . yes, yes, yes, the second

question was the first one. colleagues, please, your questions. yes marina, please hello marina pimenovalovye news ntv e, recently the ministry of industry and trade announced plans to reduce parallel imports due to the emergence of domestic analogues. at the same time, the central bank said that parallel imports help lower prices. does the central bank, on the contrary, see the risk of accelerating inflation in this case, with a reduction in parallel imports. and the second question is about the digital ruble. now there is. uh, cashless payments, there are sbp world pay cards payment stickers. in general, there are many things that will happen to the digital ruble, that it should interest russians so that they start using it, and do we understand correctly that it is primarily needed for cross-border settlements. as for parallel imports, import substitution, but

there's no need here, some balance in my opinion, yes, and uh, the government probably strikes this balance between ensuring u and the availability of goods. e, which were previously imported. if e, will not be produced by us in terms of influence on e, monetary policy, as we said, that import substitution it requires. uh, additional, respectively, labor force. but if you buy on imports, imports must pay for sex with exports. export, too, requires manpower, although our traditional export. it is less labor intensive and uh, other things being equal, probably, the reduction of hmm and parallel imports and import substitution will be somewhat, maybe somewhat, and hmm will increase tension in the labor market. but we will take this into account. if it is large-scale, we will look at

the broadcast. dear colleagues and friends. i am glad to welcome you all to sochi. i hope you like it here. some may not have been yet. well, it will be even more pleasant. for us to present you a new, sochi after the olympics and you i hope it will be interesting to get acquainted with this you have done. here now mikhailovich said that they did very productive work , meetings of the eurasian council and the council of heads of government of the commonwealth of independent states were successfully held on the entire extensive agenda, in addition, a plenary session of the european congress was held, at which representatives, together with business

, public and expert circles. we considered the issues of economic development and improvement of the welfare of our citizens, as a result of our joint work with you, to which we all strive for the sake of which we in fact, and work. you would be organized. here, in the case of the eurasia exhibition, our home. hope it was interesting. there is an impression. hey, we tried anyway. e, including in order to show the most interesting promising areas of our interaction interaction. that is, you participated in a wide variety of activities that unite. most importantly, the common goal of deepening integration and opening up new areas of interaction

recently, a meeting of the supreme eurasian economic council was held in moscow. by the way, speaking now, uh, yesterday and today president of belarus alexander lukashenko is here in sochi on a working visit. he knows that i went to meet you and uh, we are also transmitting on his behalf. the very best wishes and success in work will be emphasized before the governments of our states are really big complex tasks to promote the processes of integration construction in the economic and social. and in the humanitarian spheres, first of all, speech we are talking about further expanding trade ties and increasing the involvement of our economy and business entities in the eurasian production and transport and logistics chains on the implementation of relevant investment and infrastructure projects. it is necessary to build up industrial

cooperation more energetically and create new joint ventures. including under the common brand name made in the european union, but no one has anything against it if it is under the common brand name made in the cis but it doesn’t matter. the main thing is that in all our countries the development effective interaction. as already mentioned, it is important that such a brand or such brands become recognizable by or recognizable, popular with consumers in all our countries, special attention requires strengthening technological sovereignty in the backbone e, sectors of the economy , achieving true technological self-sufficiency so that our countries do not depend on critically important industries from foreign technologies and campaigns. i have said many times and would like to repeat, and in this circle we are definitely not going to from being garaged from the world economy, especially from promising centers for the development of the world economy. this does not mean that we

must always produce at any cost , nothing of the kind is in our plans. we will strive. e, of course, will remain a significant part of the global economy as a whole, but on the floor in a critically important direction, of course. it would be better if i carefully tell us to be independent, because e self-sufficiency is the basis of sovereignty in the same row, the imperative of ensuring digital independence, which means we must continue vigorously work on the formation of a single digital ecosystem, integrating the national system of e -government services and e- government, i must say, i want to well brag and say thank you. e government of the russian federation in recent years, so the direction in russia has been done a lot. and, well, it seems to me that we

have the right to say that we are certainly world leaders, so the directions of work, without any doubt, should be activated. yes, and in this contacts of course, we are ready to share our best practices and our experience. e, with each of the cis partner states , de is should be activated through the executive authorities and the center of the banks of our states, which is aimed at strengthening financial sovereignty. this will help ensure the sustainability of the credit banking and settlement infrastructure, diversify and harmonize the eurasian financial market in such a way as to create favorable conditions for saving capital and investing it. in the economies of our states. naturally, any creative ideas aimed at giving integration additional dynamics and enriching it with new content are in demand. this was facilitated by the implementation

of russian proposals to add to the well-known four freedoms within eurasia, but let me remind you. this is the experience of free goods, services , finance and human capital, and the fifth position is the freedom of knowledge, which involves the introduction of general principles and darts of education, the coordination of scientific programs , the unification of requirements for professions, the creation unified textbooks in technical and other disciplines, i emphasize once again that this does not mean at all that we should join you. and we all come from the soviet union and all return to the soviet education system. and there, it means, all again taldychit. uh, it means that there are no postulates of thirty or fifty years ago at all, even in a completely different way. we just have to build on the uh fundamental basis of our education system, but look ahead move forward take the most