Can you, through limits and allowances, help your colleagues who are responsible for the key rate to fight inflation more effectively?
Each economic policy objective must have its laos telegram data own tool. This principle was formulat in the middle of the last century by Nobel Prize winner Jan Tinbergen. To achieve price stability, we use monetary policy, and to combat bubbles, we use macroprudential policy. Central banks around the world have experiment with this topic over the past decade, sometimes with significant damage to their economies, and have come to the same conclusion.
Sometimes different types of policies
affect lending in the same direction, sometimes they act in opposite directions. In recent years, both monetary and macroprudential policies in Russia have been restrictive. This contribut to a slowdown in consumer lending since mid-2024. But this was not the goal of macroprudential policy in itself; it was carri out in response to the accumulation of risks, and not to enhance the effects of monetary policy.
The same time, of course, when implementing
one policy, it is necessary to take into account the consequences of another. This is exactly what we are doing. The twitter threads, the new narrative effects of macroprudential policy – curbing lending and rising interest rates – also explain why the decision was made not to raise the key rate at the meeting on December 20 last year.
— Does the Central Bank plan to cover decisions on agb directory financial stability measures as widely as decisions on changing the key rate?
