Companies called the Central Bank’s high key rate a threat to the economy

Only 5.4% of respondents saw a positive effect of the ultra-high key type. According to the authors of the study, their results show that the Central Bank has broken communication with national companies when explaining the meaning of its own policies.

Researchers also believe that the negative opinion of business representatives may reflect the error of the current monetary policy of the Bank of Russia.

Experts emphasized that in 2022 inflation was higher even with a lower key rate, and the financial authorities equalized the monetary situation by other methods, including strengthening the ruble through the mandatory sale of part of foreign exchange earnings.

In addition, the current rates of economic growth compensate for the drop in production in 2020 and 2022, so we cannot speak of overheating of the economy, which must be stopped with a high key rate, the study notes.

It is also deduced that in 2024 more than half of the companies decided to reject any loan, limiting themselves only to settlement and cash services in credit institutions.

Without easing the policy of the Central Bank, it will be impossible to achieve stable economic growth, and with a high key rate, the regulator is disrupting supply due to a decrease in investment and credit activity, Alexander Shirov, director of the Institute of Economic Forecasting of Russia. Academy of Sciences, told Vedomosti.

In mid-December 2024, the Bank of Russia left the key interest rate at 21% per year. The regulator explained this measure by saying that the tightening of monetary conditions in the country turned out to be more significant than expected in the previous October decision.