The analytical program "However," with Mikhail Leontyev 30 October 2012
Our monetary policy hampers our economic growth. This is not someone there says, but German Gref, the head of Sberbank and the inveterate liberal.
"Today, positive rates on loans for the real sector are 6 percent," said Gref. "This means that companies are not able to invest, attracting borrowed funds."
A positive rate is something that is higher than inflation. That is, the available credit for enterprises is at least 12 percent, but in reality - 20 and even 25. Who is going to master 20 percent per annum? Unless, of course, is not engaged in prostitution and drugs!
“That is, in fact, we created a credit market, which is available only for speculative operations. And for development purposes, we come up with various bypass schemes: subsidizing interest rates, some kind of preferential loans, special relationships with governors, with the federal government,” said Oleg Deripaska .
Monetary policy hinders economic growth. He is inhibited. What do the monetary authorities do under these conditions?
In September, against the background of a recorded slowdown in economic growth, the Central Bank of Russia raised the rate from 8 to 8 by a quarter percent, citing the fight against inflation.
What are you doing is, dear! Only our Central Bank is the only one who raises rates while slowing down growth. In a crisis. Moreover, inflation does not depend on the price of the loan, but on the tariffs of natural monopolies.
In all developed countries, central banks keep rates at extremely low, equal to or even lower than real inflation. In the USA - from zero to 25 hundredths, in Europe - 0,75, in Japan - from zero to 1 tenth percent. And just in India, in response to a slowdown in economic growth, the Reserve Bank lowered the base interest rate from 4 by half to the lowest 36 by a quarter in the last 4 years. This was done despite high inflation, the forecast of which the Indian Central Bank simultaneously raised from 7 to 7 and a half percent.
Well, America and Japan are not a decree. But India ?! So no! Let everything die, and we will fight inflation. Target her darling. Because the Central Bank, we are responsible for inflation. And for nothing more. The main thing is to sit suit.
The main factor slowing economic growth, according to the Ministry of Economy, was the increased cost of credit and a sharp slowdown in lending to the non-financial sector. At the same time, it can be seen how the growth in consumer lending sharply outpaces lending to production.
We all know how consumer loans are distributed - nothing is needed! Only a passport! Just take it! Not in the grief that it is bad to credit consumption, but in the fact that imports are purposefully credited. That is, someone else's production. And this is wrecking. And who will answer for this?
The main legislative task of the policy of the US Federal Reserve is to maintain economic growth and maximize employment. Similar tasks are imputed to the central banks of all developed countries.
And ours is not responding. Well, not imputed to him! Our economic policy is almost completely formed by the Central Bank and the Ministry of Finance. At the same time, they are not responsible for the economy, I mean for economic growth. And what is he inhibited? Well, isn't it strange?