EXPERTS SAY THAT HIGH BASE RATE AND RESERVE RATIO CAN HARDLY RAISE CREDITING

The crediting to the real sector of economy can hardly be increased by means of high base rate and growing reserve ratio, maintain capital market professional participants.

“Economy is not working, economic entities do not take credits and in such situation it is necessary to reduce rates to make bank credit resources more attractive. This is what US financial authorities did in 2008, while the EU – in 2012, when they knowingly reduced the rates to help the economy”, said Infotag interviewee from one of banks, maintaining that authorities are going contrary to the logic and common sense.

According to him, the market expected from the NBM lowering of the base rate by 1%, but instead of this the bank raised the reserve ratio to 40% from 37%.

“Such a high rate of reservation means that these 40% will be reflected in the margin. This means that the crediting at this stage cannot be lower than 10%. Currently, the government securities are sold with a yield of 8%, while the yield on NBM certificates is of 9%. It would be logic to reduce the base rate to 8% and not raise reserving to 40%”, experts say.

According to them, the economy and the state do not get enough money due to the fact that it is absorbed by the NBM, which operates with a more profitable rate.

“High rates and reservation can hardly contribute to reduction of interest rates on credits”, said Infotag interviewees, supposing that by means of raising the required reserve rate to 40%, the regulator is trying to achieve decline in rates from funds attracted from legal and physical persons.