’ risks and how will demand for capital rise. the current volume of lending is indeed growing, albeit at a very moderate pace : around 5 - 7 % for this year. turning now to capital outflow. as we see it, capital outflow is expected to remain steady – in the range of $ 12 – 13 billion a year over a three - year horizon. rossiiskaya gazeta ’ s question : 7 / 14 bis central bankers'speeches mrs nabiullina, the bank of russia has recently closed submission of debt load calculation and use proposals. what feedback did you receive from the market? what is the timeline for the rollout of this instrument? and my second question, if i may. you met the people bank of china ’ s governor, discussing yuan - denominated ofz. did you reach an agreement on investment quotas for our securities? thank you. elvira nabiullina : as regards the rollout of the debt load indicator, we believe this is absolutely the right approach, and we intend to move forward in this direction. we are still receiving feedback. we will need time to process and consolidate this feedback. no final conclusions are possible at this point, our approach being though that this indicator should be enacted ; the timeline and details to be discussed. as for my meeting with the governor of china ’ s central bank. yes, we met on the sidelines of the g20 meeting for finance ministers and central bankers. in our talks we discussed, among other things, prospects for yuan - denominated ofz to be issued on the russian market. we not support for this idea in principle, with details to be discussed subsequently. lenta. ru ’ s question : there are concerns in business circles and in the expert community that the ruble is too volatile. what is the bank of russia ’ s view on this matter? what could lead to the central bank giving up the floating exchange rate? elvira nabiullina : in the foreseeable future, i do not anticipate any factors which would force us to abandon a floating exchange rate regime. i am convinced that the negative repercussions cited by enterprises in the real sector of the economy, namely, volatility, are outweighed by the benefits of this policy. thus we are saved from any drastic corrections in the exchange rate, which would then hurt the economy overall, including social expenditures, etc. allow me to stress this point again. we

financial measures being implemented in the crisis affected economies. a major challenge for most emerging economies in 2011 will be the management of the highly volatile capital flows. the strong growth in asia has and will continue to attract this massive increase in global liquidity in the form of capital inflows into the region. this calls for greater vigilance on the part of the policymakers in the region. several regional economies have already implemented measures including macro prudential measures to preserve macroeconomic and financial stability. against the backdrop of continuing uncertainties, asia is expected to continue to lead global growth, supported by strong macroeconomic fundamentals and sound financial systems. the revival of private sector economic activity has been an important factor in sustaining the strong growth prospects in asia. on the domestic front, the malaysian economy is set to register a growth in the region of 7 % for 2010. while the external sector may be affected by bis central bankers ’ speeches the slower global growth, the growth momentum of domestic demand is projected to be sustained in 2011, supported by the continued firm expansion in private sector activity. most encouraging is that private investment is expected to strengthen and become an important contributor to the growth. achieving financial stability objectives let me now turn to the efforts to achieve greater financial stability. while there is still much work to be accomplished at the international level, an immediate priority ahead is to achieve effective and well coordinated approaches to the implementation of the announced financial reforms. this is important given the greater inter linkages in the global economy. while the outcome of the quantitative impact studies have predicted that the long term benefits of the measures will outweigh the short term costs arising from the adjustments, actual experiences are likely to vary across different jurisdictions. while individual jurisdictions may be confronted with specific challenges of implementation that may arise from differences in economic and market structures, there is also much in common, particularly among emerging economies, that can be shared among jurisdictions. the period of observation on some of the components of the reform package provided by the basel committee is welcomed. it will allow jurisdictions to consider appropriate actions needed to support the effective implementation of the reforms. at the same time, there is an expectation that there will be a willingness by the international standard setting community to adjust or otherwise supplement current prescriptions, frameworks or implementation strategies as more experience is gained under changing market conditions. the effective implementation would also require support for the implementation of the reforms, particularly in the area of capacity building, particularly in the emerging and developing world. inclusive communication channels