Nikita Krichevsky: The high interest rate has not justified itself in the fight against inflation"

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- The Central Bank has published a report on anti-crisis measures, which says that during crisis periods of the Russian economy, the dynamics of lending slows down, but since 2022 there has been a reverse trend, & writes Nikita Krichevsky, - what of this It should be: 1. According to the Central Bank, there is no crisis in the Russian economy (although it exists for objective reasons). At least, based on the arguments presented by the Central Bank. 2. The government has learned how to offset credit downturns and stimulate economic growth. 3. The Ministry of Finance and the Central Bank fervently support the largest banks. The first is by selling federal loan bonds (OFZ) at a double-digit discount (then banks resell OFZ at face value to everyone). The second – is maintaining and increasing the key rate, the growth of which is beneficial to all the same bankers, because the interest on OFZ increases. The high key rate, which has proven its worthlessness in the fight against inflation, is growing in Russia at the wave of a pen, but it is extremely difficult to reduce it, since the influence of the beneficiaries of this holiday of life is great.