At the same time, the rate of the ruble remains floating, and continues to be influenced by market factors. However the impact of operations conducted on the nominal exchange rate is very limited, as the volume of monthly currency purchases will not exceed the volume of additional monthly budget oil and gas revenue from the excess of the actual oil price levels that are budgeted. I would also like to point out that the short-term inflation risks associated with the Ministry of Finance starting to make foreign currency purchases, evaluated by the Bank of Russia in its decision-making processes at the start of the year, have not been realised. Clarity is extremely important for monetary policy, not only in relation to the budget, but also to changes in the tax system. Now both a tax manoeuvre and other taxation innovations are under discussion. And in our view during such discussions it is very important to take into consideration the possible impact on inflation and inflationary effects, and to make informed decisions on this basis. We hope that this will also be carried out by the Ministry of Finance and the government, in collaboration with the Central Bank. We also are in support of the project – long under discussion – for the issuing of OFZ securities to the population.
And we hope that such cooperation will continue into the future. I wish you all success. Thank you. 4/4  BIS central bankers' speeches