All right, Alexander, let's do a follow-up on the state of the Russian economy because we got an

announcement from the central bank the other day that they will be lowering the interest rates

by two points from 20% to 18%. And this is a definite signal that there will be more rate cuts. I believe, I think you said it as well in our previous video when we were talking about the Russian economy, that if a rate cut is done in summertime, the most likely we'll be looking at more rate cuts come the fall and the

situation in the Russian economy starting to stabilize from where it was or from where it

is during the summer with high interest rates, inflation and a very strong ruble.

So I think they're going to also try to soften the ruble a bit as well.

Anyway, what are your thoughts on what the SIPPAR bank announced?

That is exactly right.

I mean, when we did our previous program about a week ago, we said that there would probably be rate cuts on the 25th of July.

Because Nebula, the central bank chair is, you know, very much a inflation hardliner. And, you know,

tends always to have a structural bias towards high interest rates

there was an off chance that she delayed it to the autumn but we also said that if she did that

there would be an absolute outcry many people would be very angry it looks like the economy

contracted in June.

If she continued with the current high interest rate policy, we would probably see the

contraction develop into an outright recession.

And that would be very, very politically difficult. and it would probably put her own job at risk.

That was what we said in our previous programme.

Well, in the event, she cut interest rates by 2%.

And that was, again, what we suggested was the most likely thing that she would do.

And she did it.

And she gave a press conference.

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