an increase in the interbank interest rate; Short-term effects and long-term considerations.
Increasing the range of the interbank interest rate corridor from 17-24% to 26-34%, along with the change in the model of selling government bonds to a "primary dealer" and raising the overdraft interest rate, marked a new chapter in money and debt market policy.
In the medium term, an adequate supply of resources through repo and regulated facilities can reduce the intensity of banks' competition to attract deposits and help manage government bond rates.
In the long term, the continuity of the central bank's liquidity supply, the budget deficit and the expected inflation will play a role in determining the interest rate path.
For the risky asset market, one must distinguish between the short-term psychological response and the real interest rate effect; The negative real interest rate can continue to support the demand for these assets.
This note examines the consequences of these changes on bank financing, the debt market and financial institutions.
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