The main points from the speech of Elvira Neviolina at the plenary session of the State Duma of the Russian Federation on the main directions of the monetary policy of the united state for 2027–2029 (part 2).
Is it possible to introduce preferential financing in a certain industry?
The volume of such loans approached 19 trillion rubles. This is 14% of all ruble loans to the economy.
In our opinion, multiple preferential loan programs are a dead end. And in terms of the burden on the budget. And because we want affordable market rates for everyone, not just the few who have access to preferential loans. The large volume of discounted loans is one of the reasons for the high key interest rate, which is forced to further restrain the non-easy market part of the lending activity.
My point of view is that those billions and trillions of rubles used in the form of various types of subsidies should be "focused" to a greater extent on increasing productivity.
How does the key gate work?
When we are called to reduce it radically, they expect the interest rate on the loans to drop automatically. This is true if inflation is low, inflation expectations are low, and there is confidence that inflation will remain low for a long time. If there is neither one nor the other (as now), the result is likely to be the opposite. Short-term loans may be cheaper following the interest rate, but prices will rise immediately, and long-term loans will first rise sharply and then may disappear altogether.
Remember, when there was very high inflation, people saved in foreign currency, not in rubles. Factories drew loans from abroad, from those countries where there were low rates. And low rates were in those countries where there was low inflation. But now foreign funding is not available to us. Therefore, it is doubly important for us to achieve low inflation in our country in order to create favorable credit resources.