Therefore, the strengthening of the ruble that we saw in the first quarter of 2017 can in large part be attributed to inflows of foreign currency through foreign trade channels, and in small part to other factors, such as carry trade operations. Statistics show that the total volume of capital inflow is not huge, however in some markets the share held by non-residents has recently increased. Such markets include the OFZ market, information about the share of non-residents in that market is regularly published on our website. According to these statistics, the share of non-residents investing in the OFZ market rose 2 percentage points from October 2016, reaching 29% by 6 April 2017. This is hardly a substantial increase. The yield of OFZ has remained fairly constant since October 2016, despite the fact that the volume of net borrowing by the Ministry of Finance in this period has been quite large. This is indicative of the fact that the main players in this market are Russian banks, and that competition with foreign investors allows the yield of OFZ to be kept from growing, despite increase in supply. In our opinion, based on the experience of recent years, a significant portion of the inflows of 2/6  BIS central bankers' speeches  foreign capital to the OFZ market can be considered to be quite stable. This is connected to the beginning of Russia’s economic recovery and an increase in the level of trust investors have in the policies which are in place.
So, in this short presentation I have tried to present you with our understanding of the current situation in the Russian market from the point of view of financial stability. My colleagues will take some of these issues up in more detail. We are ready to answer any questions you may have. 6/6  BIS central bankers' speeches