see proposals by the market itself to create such systems for collective use, and we are ready to participate and see what the bank of russia can do. in general, the proposals put forward by mr aksakov, there are many of them regarding several areas — we will, of course, carefully develop them together with you. some have been worked out, some require further development, and we will maintain constant dialogue with you. we also understand that we have a fairly consistent, intense, and constructive dialogue with the association, and we value it very much. in conclusion, i would like to say that yes, every crisis entails losses. yet, there are not just losses, there are opportunities. it is a platitude, but we can see from the situation in the banking sector that this could be a new impetus and, above all, could kick - start the expansion of digital banking. that should be taken advantage of. on our end, as a regulator, we will do our best to ensure that all banks are on an equal footing in this race. to close, i would like to highlight that the way the banking system is handling the situation really inspires optimism. rapidly adapting to new conditions, restructuring its work all the while implementing large - scale restructuring programs ( i do not recall there being such large - scale restructuring programs in recent history ), and at the same time not stopping lending — it really was a very serious challenge. the banks are dealing with it honourably. there are rough edges of course. there are always problems and we are discussing them, but in general, of course, we are coping. i hope that at this new stage, the economic recovery stage, banks will be full participants in the economic recovery process, expand lending, create new services, and, in fact, add new value for their customers by responding to the needs of the people and business. i wish you all every success. thank you for your attention. 7 / 7 bis central bankers'speeches

an increase in prices for a broader range of goods and services. this in turn explains the readiness to pay more and pushes prices upwards. actually, we are already observing such an environment, which once again proves that households ’ inflation expectations are currently not anchored yet. when i say that they are not anchored, i do not imply the level of households ’ inflation expectations, but rather their response to one - off factors. the fact that households ’ inflation expectations are significantly higher than current inflation is typical not only of russia, but of a whole range of countries ( even where inflation is very low ). in terms of monetary policy, this is the sensitivity of inflation expectations to temporary or local factors which induces risks, rather than the fact that households ’ inflation expectations exceed inflation measures. this is clear from the analysis of the reasons causing inflation deviation away from our october ’ s forecast. this deviation is quite notable — + 0. 7 percentage points. according to preliminary estimates, 0. 2 percentage points of this deviation stem from a faster rise in sugar and sunflower 1 / 4 bis central bankers'speeches oil prices and 0. 3 percentage points — from the growth of grain export prices and their passthrough to prices for both bakery products and a broader range of food products. the remaining 0. 2 percentage points are interpreted as additional steady inflationary pressure. it may result from both a faster revival of demand in a number of industries already facing supply - side constraints and secondary effects brought about by increased inflation expectations. this is what may impact a steady level of inflationary pressure in the future as well. therefore, today it is rather important how the situation will be unfolding in the future, including how inflation expectations will be changing and whether secondary effects may become more intense. this may result in a longer - lasting influence of one - off factors on prices. moreover, we should take into account that a rise in inflation expectations may speed up the growth of the demand for consumer lending which has already been expanding materially amid the accommodative monetary policy. monetary conditions are the third factor we discussed when making our decision. monetary conditions remain accommodative. coupled with the government ’ s support measures, this promotes lending across all segments, including the households, corporates, and small and medium - sized businesses. the annual growth of corporate lending reached its five - year high in october. the offering of corporate bonds has also been expanding. mortgage lending continues to increase significantly. the portion of