the transmission mechanism? Is it not working 100%? Are any additional measures ne in these conditions? Perhaps a set of measures iran telegram data should be taken: in addition to the rate, also macroprudential measures so that your decisions get through?
Absolutely inappropriate to talk
about violations in the operation of the transmission mechanism, about the fact that our decisions do not affect the economy. Yes, in the new conditions that have develop since the spring of 2022, certain elements of the transmission mechanism do not work exactly as they did before. In particular, due to the absence of foreign investors, the part of the transmission that work through cross-border capital flows is now, in fact, not a significant part of the transfer of our decisions. This does not mean that the transmission mechanism does not work 100%. It is just that the circumstances have chang so that the transmission mechanism has chang, but in this modifi form it works. And the fact that decisions on the key rate are not instantly transferr to deposit rates was the case before.
Again, this happens differently in different
circumstances. In the spring of 2022, the transfer was very fast, it was calculat in one or two days, but then the circumstances were different. Now builds cribility in the industry deposit rates are reacting in much the same way as they react in similar conditions in the past. At the agb directory moment, we already see that a number of banks have rais their rates to a level of about 13%.
