The businessman from Novosibirsk Alexander Kychakov has complained to the President on expensive loans. According to him, banks now offer impossibly high interest rates for small and medium businesses: instead of the declared 11-12% per annum through additional markups the final rate is 19%. “Today, the average rate for business, for legal entities was 11.5%, and I admit that some lenders exceed it,” — said Putin. However, the head of state hastened to exonerate the bankers. As the President explained, loans on such terms are available for those entrepreneurs, whose business is high-risk. According to Putin, “the banking system should be encouraged to be more aggressive.”
The head of The Central Bank Elvira Nabiullina.
Entrepreneurs complain about high interest rates. And at the end of 2014, when the Central Bank dramatically raised its key interest rate (at which it lends money to banks), businesses just howled. Recall, then, the index jumped from 10.5% to 17%. “In order not to destroy the economy, the Central Bank was forced to raise this bet. But he reduces it gradually,” explained the Bank President.
Indeed, this year the regulator slowly, but still lowers key rate, but there is cheaper loans to businesses and households. As acknowledged by Putin, he expects that the Central Bank will continue to act carefully in this direction. Care of Department of Elvira Nabiullina, he explained that up to now, our economy depends on the sale of oil and gas. In addition, as explained in the Central Bank, to take the bold step not to allow persistent inflationary expectations of the population. However, according to the chief economist of the Institute of stock market and management Mikhail Belyaev, “such arguments are of an untenable”. “The Central Bank is fighting inflation, only by the appreciation of money. In particular, containment of the money supply and a high key rate. And this, in turn, hinders the development of production”, — stressed the expert.
According to him, such measures are suitable for a developed economy, where the tasks of accelerated development and structural adjustment. “GDP growth can compromise inflation. To develop the industry will allow the reduction of the key rate, which will lead to cheaper loans for businesses. In the good rate for legal persons should not exceed 6%,” says Belyaev.
While such indicators we can not boast. Now the weighted average interest rate for legal entities was 11.5%, for the physical is 15.5%.
“Small business is without a doubt, should be supported. I should probably Refine these tools and to encourage the banking system to act more aggressively”, — Putin said.
Meanwhile, banks are aggressive, but obviously not in the sense that meant the head of state. As rightly stressed by Novosibirsk businessman, credit institutions often wind rates. Not by chance there is such a thing as full cost of the loan. For example, when processing the loan rate may increase due to valuation of collateral, insurance requirements and so on. And to bill for certain additional services, banks can quite officially. They are written in the law. Besides resourceful loan organizations cleverly find loopholes in the law. “In the pursuit of profit of the credit institution are not always neatly. They are clearly not breaking the law, but work on the edge,” says Belyaev.
In this issue savvy bankers succeeded. As Putin said, “the revenue, the profit of commercial banks is growing. Today it reached a serious enough numbers — more than 650 billion virtually any”. Meanwhile, lending has not increased. “For legal entities, these volumes increased by 0.7%, slightly more than for individuals, but that’s not enough,” said the President. Here’s a paradox: banks get fat and the noose on the throat of small and medium-sized business is delayed more and more.
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