Following the main course of monetary policy, the Central Bank is going to increase gross and net credit to the banking sector over the next three years.
At present, the volume of gross credit reaches approximately three trillion rubles. According to the statement of the first deputy chairman of the Central Bank Alexei Ulyukaev, the Bank of Russia intends to reach the level of six to seven trillion rubles or even more, depending on the situation..
He also said that by the beginning of the year 2015, the Central Bank should develop a set of measures to control inflation, which will be based on the management of interest rates. At that time, an increase in foreign exchange reserves will be possible only due to investment profits. Today, the volume of state gold and foreign exchange reserves totals five hundred and twenty-two billion US dollars, this amount was announced by the head of Russia V. Putin during his speech at the VTB Capital Russia Calling Forum.
According to Mr. Ulyukaev, by its actions the Central Bank expects to achieve an increase in the rate of lending in the country. To support the level of lending, the regulator will increase the refinancing of the banking system, which will combine with the inflation targeting mechanism. For this reason, the Central Bank is considering options for refinancing credit institutions on the principle of floating rates for a period of more than a week and the use of foreign exchange swap operations, as well as swaps with precious metals for a period of up to one year. All this is reflected in the plans for the implementation of monetary policy for the next 2013-15 years. At the same time, one of the main tasks of refinancing will be to ensure financial stability..
The banking community supports the initiative of the Bank of Russia, which seeks to stabilize lending. However, some bankers doubt the effectiveness of the chosen measures, since all proposals are still only on paper, and the principle of their operation is not fully known. Moreover, it is not clear what the refinancing will be. Banking organizations, first of all, need loans with a maturity of up to one year, and at the moment the Central Bank is funding for a shorter period. An important role is also played by the size of the refinancing rate, since the cost of loans for clients directly depends on this, especially for the category of banks where liabilities largely consist of public funds..
