##ge anybody. we propose that organisations should specify the total cost of credit from the very start so that people understand the actual costs for loan servicing. this will enable people to select more advantageous offers. however, we certainly need legislative changes. such amendments have been drafted with the engagement of the central bank. they propose the introduction of a so - called open - ended cooling - off period, which will enable consumers to fully abandon any services foisted on them together with a loan ( with the refund of all related payments ). this might be legal support, consultations, or any other services. we observe a variety of such services that are usually added to bank deposit and loan agreements. currently, this right is only available in regard to voluntary insurance, that is, in a narrow range of financial services. we believe that this approach should be extended to almost all financial services. in order to mitigate such risks of incomplete information disclosure, we need changes to the laws. the second law allowing the establishment of requirements for the form of a bank deposit agreement has also been drafted. these laws were passed in the first reading. we are aware that you have a lot to discuss in the course of the spring session, especially taking into account that it will be shorter than usual. however, in my opinion, these are essential draft laws since they are socially focused. therefore, we would be very grateful to you if you find time to consider them as soon as possible. i would like to thank you once again for the continuous and meaningful dialogue between the deputies and the bank of russia, in particular for the enormous work carried out last year when we needed prompt legislative decisions to protect individuals and companies against the aftermath of the pandemic. if it were not for such legislative changes, we would have been unable to make prompt decisions in our turn. thank you for your attention. if you have any questions, my colleagues and i would be glad to answer them. thank you. 6 / 6 bis central bankers'speeches

expectations regarding the key rate, whereas growth in long - term yields is driven by the trends in global markets. deposit rates continued to go up in september — october, although more slowly than in the previous months. deposit terms are not yet sufficiently attractive to boost households ’ demand for this form of savings. as regards lending, the corporate segment continues to expand steadily. growth in consumer lending has slowed down somewhat. as regards the mortgage segment, after a slight deceleration in july — august due to the revision of the subsidised mortgage lending programmes, growth sped up again in autumn. in this context, we have revised our forecast range of retail lending growth for this year upwards by 3 percentage points to 21 – 25 %. the forecast for lending in the economy in general remained unchanged. currently, the actual changes in the credit market are obviously not sufficient to form such monetary conditions that would help bring inflation back to 4 % and stabilise it at this level. our today ’ s decision will accelerate the adjustment in the credit and deposit market. as regards risks to the forecast, proinflationary ones currently prevail. the main risk is that inflation expectations stay elevated for a long time. the longer the price growth rate remains high, even if fuelled by temporary factors, the more considerable this risk is. we could already observe this over the recent three months. as regards external conditions, proinflationary risks persist as well. in the first place, they are associated with prices for energy commodities and other commodities. the damper mechanisms protect the domestic market against fluctuations of global prices for commodities. however, an increase in foreign producers ’ costs might also affect inflation in russia. for instance, this happens when we import foreign equipment and vehicles made of more expensive metals. disinflationary risks are mostly associated with the fact that producer costs might decrease as fast as they have risen. we have recently observed a multifold increase in prices for container shipments. this has pushed up cargo delivery costs worldwide. however, this growth has stopped by the moment. possibly, even if prices do not decline to pre - pandemic levels, they might adjust downwards considerably closer to their initial level of this year, and later on this will translate into product prices. another important disinflationary factor is still recovery prospects in outbound tourism. i should focus on the anti - pandemic restrictions that are currently introduced. last spring, we believed that restrictions would cause a slump