On the subject of the fundamental value of the exchange rate. It’s true that this concept is employed by many experts, and so too by us; we have expressed this on several occasions. However, this concept must be treated with great care. My view is that this is a very conditional concept. We at the Bank of Russia have a number of models to measure this basic reading of the exchange rate. It would be fair to say that we estimate this deviation to be much smaller than does the Ministry of Finance. According to other models these deviations appear smaller. But in any case, what exactly is the fundamental rate of exchange? This is the rate of exchange necessitated by the current balance of payments, current account and capital outflow combined. Yet it is anyone’s guess to gauge the exact influence of basic and short-term drivers on this value. This is, as I have previously stated, a very conditional concept. As we see it, in a floating exchange rate environment, as we see it, no matter what deviations are in place, the impact from objective factors will ultimately result in an equilibrium which brings the interests of exporters, importers and borrowers into balance. In our view the issue should be addressed in this way. Second. Our reserve replenishment policy.
Our special focus is currently on information coming in from regions using our network. Leaders of the Bank of Russia’s regional branches are invited to each of our rate-setting meetings. They update us on the situation in their regions; ultimately, our estimates and outlooks are not solely based on the data provided by Rosstat. Rosstat data should indeed be treated as a reliable source of information, considering that alongside authorities virtually all market participants also use them. So, the more trust in Rosstat’s professionalism and independence the better. There are a variety of options on how we may address this. At the end of the day I believe this is up to the Government. I would rather reserve my judgement here. Thank you. QUESTION from Bloomberg: Two questions, again, please. One, following up on the question from my colleague, we heard both the economic development minister and the finance minister mention that the ruble is stronger than its fundamental values. In this connection, what does the Bank of Russia make of this; is the ruble close to its fundamental values, or is it actually stronger? And my second question, which is in some way related to the first. You mentioned that purchases of foreign currency are a possible means to replenish reserves, provided these purchases do not do damage to inflation targets. All indications are, we are on track to meet the 4% inflation target by mid-year. Can the Central Bank launch foreign currency purchases to replenish its reserves? Thank you. ELVIRA NABIULLINA: Thank you.