[000:00:00;00] expand, uh, if you look at the operational data on the economy for the third quarter, inflation, credit growth rates, all these values, they were higher at the end of the third quarter than we expected in july and even than what was expected during the september update forecast, that is, the third quarter demonstrated more rapid dynamics, which is associated with the dynamics of demand, and yes, accordingly, in order to return the economy to a trajectory of sustainable, balanced growth, and inflation to the target of 4% in the same time frame, more tight monetary policy, that is, there, in other words, it has shifted, well , the starting conditions of the forecast have shifted and this has affected the entire trajectory, thank you, the next question is online, marina ivanova, vostok teleinform news agency,

andean city, please, marina. good afternoon. tell me, are there any concerns about the implosion of the credit market due to today’s events, or do you think banks will still be able to adapt to new conditions, is a banking crisis possible in the country? thank you. thank you, we don’t have such fears, it is impossible to talk about the collapse of the credit market. although lending is slowing down, it is growing at a high rate, so corporate loans... are growing at the level of 20% in annual terms, even a little more, unsecured consumer lending is growing at a rate of 15%, not to mention mortgages, mortgages are growing at a rate of around 30%. and our policy is aimed at ensuring that these lending rates are more balanced, our forecast for loan growth next year is positive, we expect loan growth by 5,

10%. banks will certainly be able to adapt to current conditions, this is already happening, they are in good shape, they have a sufficient capital reserve to increase lending, the quality of loan servicing remains good, and the danger of actually collapsing the credit market, it may arise not due to rising rates, but due to for high inflation, which is when banks are not ready to issue long-term loans for a long time. is precisely aimed at preventing high inflation and this will increase the availability of long-term loans, thank you, colleagues, please, dilya, last row, good afternoon , delyara news, at the same time i have two questions, the first question concerns inflation, in your opinion, when will the peak of

price growth occur, is it possible? should we expect it this year before the decline, or will it still happen in the first or middle, but it’s not audible, right? yeah, can you hear that? and when will inflation peak in russia, will it be at the end of this year, or at the beginning or middle of 2024? second question: the cdc today removed the phrase structural from the release restructuring of the russian economy, and replacing it with economic development in the forecast... period, does this mean in your opinion that the restructuring has already been completed, thank you, to slow down, but on an annual basis, since we experienced price increases in the third quarter, inflation will slow down,

but in annual terms, the peak of inflation, in our opinion, will come at the end of next, next year, but in many ways... due to the base effect, that this is inflation for 12 months ago, as they say, as for our press release, we have switched to traditional our phrase about development economy, the phrase related to the structural restructuring of the economy was included when we talked about the fact that as a result of the structural restructuring of the economy, changes in relative prices occur, so for this period we are ready to be tolerant of the fact that due to this structural restructuring, inflation may exceed our target level 4%. the structural restructuring of the economy continues, it will happen, but such a large-scale restructuring of prices that was necessary, it already happened

last year, now inflation is high... determined precisely by demand factors, demand growth, so uh, we found it possible to return to our standard formulation. colleagues, please, dmitry, second row. yes, thank you, dmitry morocco, russia 24, this week the media reported on the central bank's plans to create a closed data room, with advanced statistics, to which only a separate institute for research will have access. could you clarify the essence of this initiative and reveal some details? thank you. first, this decision has not yet been made, it is in the process of discussion, such an initial discussion, we are talking about the following: the practice of many countries, in order to support analytical activities in the country as a whole, so that those who analyze the data have access to data, prepare conclusions, expert opinion, institutes,

universities, of course, such presentation of data can only be on an anonymized basis, that is, no data that constitutes bank secrecy or anything else is intended to be transferred, well... the decision has not been made yet, let's just say, we are in the process, in in the process of its discussion, yes alexeyevich, for understanding , we are not talking about the fact that some data sets will be provided in this way, about which we do not tell the public anything at all, we are talking about the fact that through this mechanism it can be provided if the decision a more granular breakdown will be adopted for more detailed research, yes, but it’s not like there will be some kind of data array that we don’t disclose in aggregated form, right? thank you, the next question is from evgenia bloomberg. please. hello, can the latest measures of currency control, which were adopted not so long ago, affect future monetary

policy, for example, by strengthening the ruble, shortening the period of maintaining a tight monetary policy. and the second question, here are your colleagues, bankers. vtb - they said that this meeting on the rate would be fateful, like the battle of butterlow, you feel that this is the battle of waterlow for you and what a difficult choice it was, and i don’t know who put pressure on you, with whom you fought, actually on this beep thank you, yes, to the second question, i’ll answer right away, we are fighting inflation, well, you can probably use different metaphors, but really, we are determined to fight high inflation, as regards accounting for monetary policy , a specific factor of currency restrictions, we take into account the dynamics

of the exchange rate, and expectations for the dynamics of the exchange rate, and in our opinion, our position here has not changed that the main factors, fundamental factors are the dynamics of exports, imports, demand for imports, primarily in ruble terms and the attractiveness of the ruble as a store of value, this is where we directly influence the key rate, so indeed the dynamics of the exchange rate is one of the factors, and we call it as a possible pro-inflationary factor if the fundamental factors change in this way, that there may be a weakening of the exchange rate, we will take this into account as... an inflationary factor, but changes in the external environment are also possible, including those that will lead to

a strengthening of the exchange rate, we will take this into account as the disinflationary factor, the specific impact of currency restrictions on the dynamics of the exchange rate, in our opinion, will be insignificant , and if there is, it will be in a short period of time, but we do not yet have data to say whether this opinion is confirmed or not. this measure on the exchange rate is almost impossible , it will be difficult, because this measure was taken against the background of a strengthening trade balance, against the background of an increase in the key rate, at a time when these two factors significantly influence the exchange rate, but let's see from the data what conclusions... it will be possible to draw, including on the dynamics of sales of foreign currency earnings, has something changed here, has not changed, we will monitor this situation, colleagues, please, next question, rita, second

row , margarita mardoevna rbc, a decree on mandatory repatriation of the sale of foreign currency earnings has already been mentioned here, but it is clear that the information is not complete yet, and on this initiative, but maybe you already... have some kind of assessment of the potential foreign currency inflow to domestic market due to compliance with the requirements of this decree, the second question concerns the 1,000 ruble bill, which was stopped from being issued an updated version. this bill, is it planned to change its design and what can be depicted on the updated bill? well, as i answered the previous question, i already said that isolating the effect of this particular measure is quite difficult, problematic, but - currency sales by exporters, even operational data show they are growing, but at this moment

there are lags in the receipt of the export price and the price of export goods , plus to revenue, that is, the growth in the strengthening of the trade balance in previous years also affects this, so i think that it is correct to say exactly how much the influx of currency will be due to this measure, it is almost impossible, as for the banknote, to work on the design, a new design of the reverse side this bill, we assume that the front side will remain as it was intended before, we will discuss the design, we want to really change the procedure for discussing the design a little, we have expert groups, that’s each, for each banknote, historians and cultural figures are invited there, but i think that we will expand the participation of expert groups and

maybe discuss more publicly more widely publicly discuss the possible design, we assume that the updated design, the updated modification will be next year, thank you, colleagues , please, elena penultimate row, good afternoon, rater agency, please tell me, the phrase about future meetings, that the feasibility of further rate increase, can this be regarded as a softening of the signal about future actions? the second question is related to the fact that this measure of mandatory sale of foreign currency earnings affected all major exporters, or were there exceptions among them, yeah, uh, as for:

phrases, we really gave neutral signal, uh, regarding the rate, because uh, now a lot will depend on the data that we receive and on our assessment of whether we see a sustainable decline, a sustainable decline in inflation, as i already said, there is a possibility of further raising the rate this year and maintaining it, that is, the signal has indeed become neutral, with regard to the mandatory sale of proceeds, according to my information, all major exporters are included there, without exception, the next question is online, anna skripka, russian newspaper, belgorod , anna, please, hello, the topic of wage growth has already been touched upon and... they said that an increase in income one way or another causes

inflation to rise, tell me how significant this factor is and, if it is very significant, then why? can be leveled, thank you, thank you, well, we are talking about the tense situation on the labor market, since the fall of last year, this is a significant pro-inflationary factor that we take into account when making decisions, we are seeing a shortage of personnel of all categories, qualified specialists in working specialties managerial personnel, and we see that it is especially acute, this is a problem in processing, in metal and mechanical engineering, in the chemical industry, and when the demand for labor exceeds its supply, we are precisely in this situations, employers increase wages in

order to retain workers. or attract new workers to expand production, and of course, this increases the aggregate demand in the economy and it begins to exceed the possibilities for expanding supply, we see this situation now, so an indicator of this is the growth of inflation and, in fact, the increase in demand that we are talking about, he puts it, it was a broadcast of a conference of the chairman of the bank of russia, elvira nabeulina, and now footage from the government house. good afternoon, dear colleagues, before we move on to the agenda. day of the government meeting, i want to say a few words about our trip to bishkek, to kyrgyzstan , where a meeting of the council of heads of government of the shanghai cooperation organization was held, it is absolutely obvious that the world’s interest in this organization is growing, as the president noted at the july summit, the sco is playing an increasingly

significant role in international and regional affairs, in ensuring sustainable economic growth, and the participating states in strengthening ties between peoples. we discussed further steps to deepen trade, economic, and humanitarian cooperation, adopted a number of industry documents, including in the field of digital trade, in the field of transport, and also held a meeting of the eurasian intergovernmental council and the council of heads of government of the commonwealth of independent states, with the participation of our nearest neighbors. we pay special... attention to strengthening contacts with them; we reviewed the progress in implementing the priorities of the russian presidency in the bodies of the union, which were designated by the president as one we consider the most important and fundamental tasks to be the development of a new strategic document that will set the vectors of interaction between the five

for the future. my colleagues and i have completed agreeing on a declaration on the further development of economic processes within the union: the eurasian economic path. the document will be discussed and adopted by the heads of our states. another significant area is the launch of subsidies for integration projects at the expense of the union budget. assessed the progress of preparation of the relevant regulatory bases. we also approved the rules for mutual trade in electricity within the framework of the eurasian economic union, and also agreed on the determination and distribution of the capacity of interstate infrastructure. this is not necessary for the development of our common electricity market. an important event was the signing of an agreement on a harmonized system for determining the origin of goods exported from the customs territory of the union. it will simplify access for exporters to the market

of third countries. if we talk about the community independent states, then together with our organizational partners we touched upon such topics as the exchange of geospatial data, digital transformation, industries, fuel, energy complex, adopted a concept in this area, a plan of priority measures for its implementation, this is sure to help expand mutually beneficial cooperation and introduce specialized digital platforms, we will also continue to strengthen humanitarian ties, including through building a system of sports competitions, also in detail about they said this and approved an action plan for holding a year of movement next year, its grand opening will take place in russia in early december. dear colleagues, i ask you to carefully monitor how all the decisions made in kyrgyzstan in the areas under your supervision are being implemented. let's move on to the pavestki. the government continues to help parents with many children; the president

emphasized that this topic is among our most important priorities, one of such targeted effective support measures for families who have after january 1, the third or subsequent child was born, if they decide to take out a mortgage loan, they can receive a payment of up to 450,000 rubles. and use it to repay the loan. this year we have already allocated about 76 billion rubles for these purposes. today we will additionally allocate over 17 billion, which will help support about 38,000 more families who have purchased a new, more spacious apartment, house or plot for its construction, and we will continue to do everything necessary to ensure that our citizens have the opportunity to improve their living conditions. we will also now discuss new initiatives to develop the construction of individual houses. in recent years, we have achieved very good results in the construction

of high-rise buildings, we have reached a record high pace of work; in 9 months, let me remind you, we have commissioned almost 32 million km. well, this is 5.5% more than in the same period last year. we have increased the availability of new apartments, made relations with developers as transparent and safe as possible, it is important to extend the best practices to the construction of private houses. for this purpose, the government, on behalf of the president prepared a draft federal law on the use of so-called x-crow accounts when making payments for services to create them. they are used for safe transactions . today we will consider a bill that proposes to guarantee the safety of funds placed on them in the amount of up to 10 million rubles within the framework of the deposit insurance system. we will discuss changes to the tax code that exempt contractors from paying vat. in essence, we are talking about the formation in

the private housing construction segment of such analogous project financing mechanism for professional contractors. this will attract large construction companies into this area and reduce the cost of building individual residential buildings. the next issue concerns the expansion of measures to support long-term savings. the president emphasized the importance of creating such opportunities for people so that they could invest money and earn money at home, within the country. today we will consider a bill that provides for the use of a number of effective tools, including individual investment accounts , with their help, purchases of stocks, bonds, currencies, precious metals are carried out; funds invested in such assets are returned not only with income, but also with corresponding tax benefits. the new program will be in effect from january next year and will combine the advantages of previous products, including

the right to a deduction, under which you can receive up to 52,000 rubles annually. at the same time , you will no longer have to pay personal income tax on investment profits. moreover, citizens will be able to open up to three accounts without limiting the amount of funds and withdraw them completely or partially in case of occurrence. we hope that the measures taken will allow people to preserve and increase their savings and provide a stable income to those who want to invest in the russian economy. today is also the agenda of the meeting summing up the results of the harvest. we have to assess the current state of food security , determine priorities in order to provide the agro-industrial complex... with the necessary government support next year. how the president noted that the industry has become one of the real driving forces of the domestic economy; our exporting companies

are global leaders in a number of positions. preliminary results of seasonal field work fully confirm this. there has been a noticeable increase in the production of oilseeds, sugar beets, potatoes, vegetables, open ground in greenhouses, fruits, berries, and dairy production - over 140 million... tons of grains and legumes. we are expecting a second record harvest, which will be enough for consumers in the domestic market, and of course for our partners abroad. winter sowing is underway according to plan for next year's harvest, the volume of domestic seeds is growing, more mineral fertilizers have been purchased than in 2022, and the technological renewal of the agricultural machinery fleet continues. this year, farmers have already received about 2,000 russian and belarusian tractors, and it is planned to supply another 13,000 units

of lysine equipment by the end of the year. i would like to note that resources are provided to agricultural producers on time, and often ahead of schedule, including funds for the modernization of facilities as part of the implementation of the federal project on agricultural exports to increase the production of potatoes and vegetables, and also for the development of rural tourism and others. measures, we see the same responsible approach on the part of the regions of our country, i propose to report this in more detail to dmitry nikolaevich patryshev, the minister of agriculture, please, nikolaevich, thank you, dear mikhail vladimirovich, dear colleagues, our seasonal field work is at the final stage, grains are threshed with an area of ​​94% already completed harvesting of wheat, buckwheat and rice, corn harvesting is in the active phase, we expect that according to the final data, mikhail vladimirovich, as you said, rosstat will confirm to us a harvest of 140

million tons in net weight, of which about 93 million tons will be wheat , this will be the second result in the history of the country, which will ensure that the domestic market will allow us to fully fulfill our export obligations, in particular, in the current agricultural season we are ready to export up to 65 million grains. further, the collections of other villagers will be higher than the average for the last 5 years. in particular , we forecast the volume of oilseeds at 27 million tons, and we will collect 50.5 million tons of sugar beets. the potato harvest in the organized sector will be about 8 million tons, vegetables - about 7.3 million tons. well, finally, we expect the harvest of fruits and berries to be in the amount of 1. we have already sowed for the harvest of the twenty-fourth year on an area

of ​​18.5 million hectares, by the end of the year we should reach almost 20 million. this is approximately 15 million hectares more than last year. now sef is actively going on in the south, northern caucasus, as well as in new regions. the weather is not the best yet favorable, there is a deficit of precipitation, however, we expect to achieve the planned indicators. colleagues, regarding the provision of farmers with material and technical resources, seed material for winter sowing is available in sufficient volume. i would like to note that the share of domestically selected seeds is systematically increasing, and the preferential programs of the rosagroleasing company continue to operate to update agricultural equipment. to date, 12,400 units have already been delivered, which is 2,700 more vehicles than on the same date a year ago. total according to plan, twenty in the third year, as you said, mikhail vladimirovich, 13,000 units

of equipment will be delivered. let me add that now preferential lysine works. in new regions. more than 300 tractors, combines and other equipment have already entered the fields. in addition, together with the ministry of industry and trade, we are implementing a plan for the purchase of russian and belarusian tractors, which provides discounts of up to 20% on more popular models. thanks to this tool , over 4,000 tractors should be purchased in the twenty-third year. next, we continue to monitor the purchase of fertilizers in within a separate plan. purchased 4.5 million tons, in total in the twenty-third year the volume should be about 5.4 million, which is 200,000 tons more than the level of the twenty-second year. to ensure stability in the fertilizer market, export quotas for certain types are maintained and producer prices are fixed. these measures have been agreed upon until the end of november. mikhail vladimirovich, now,

together with colleagues from the ministry of industry and trade, mineka and fas, we are already working on their extension for another 6 months. finally, ogsm: due to the adopted there are no measures of fuel shortage among farmers; prices are gradually going down. nevertheless, of course, we continue monitoring with the ministry of energy and the regions. dear colleagues, this year 116 billion rubles have been allocated directly to support farmers. to date, the recipient has delivered about 87% of this volume. thank you. than in previous years. and i’ll just say a few words about individual tools that are relevant for crop production. firstly, we continue to develop agricultural insurance. this year more than 5 billion rubles. this direction shows annual growth. currently, 7.7 million hectares have already been insured; this figure will further

increase due to areas during the winter months. secondly, it continues. preferential loans. mikhail vladimirovich, i would like to thank you once again for the additional allocation of 55 billion rubles for these purposes. due to this , we were able to increase the limit on short-term loans by 35%, and for plant growers during seasonal field work, these loans are especially relevant. i will continue: high grain harvests in the last 2 years have affected the price situation in this segment. therefore, targeted support for manufacturers. an additional 10 billion rubles will be allocated. we will bring them to the farmers by the end of the year. let me remind you that in 2023 this is already the third tranche. the total amount of support for grain producers at the end of the year will be 30 billion rubles. and another 10 billion is planned to be sent to them in the first half of 2024. in addition, by the end of november we will be ready to launch grain

interventions. we will purchase up to 2 million tons. there will be several starting prices. above the current market. dear colleagues, thus seasonal field work is proceeding according to plan, while we have intensified preparations for the spring sowing for the twenty-fourth year. in terms of seed material , we focus primarily on russian selection. this includes a special plan for sowing domestic seeds for each subject. and it will increase every season. regarding the purchase of fertilizers, everything is normal, the work has been streamlined. farmers will also be provided with plant protection products, there are significant risks here we don't see. we also focus regions on russian drugs. and of course, by the end of the year the structure of committed areas for the next period will be approved. we have introduced this practice since 2020. this approach allows us to more effectively plan preparations for seasonal field work, as well as meet

production forecasts. the report is finished, thank you for