The decrease in the Central Bank rate will not solve anything

Today, the Central Bank decided to reduce the key rate from 17% to 15% per annum. This decision cannot be called unexpected and sharp. In December 2014, increasing the rates from 10.5 to 17% caused an accelerated drop in the ruble. The country screamed: Reduce! But the rate was reduced - and during the trading time on the Moscow Exchange, the ruble was again cheaper to the dollar. The fact is that after a decrease in the rate, the situation will not change in the direction as macro economists expect. This became obvious when the Central Bank raised the interest rate to stop the December collapse of the ruble. In its purest form, without supporting a whole complex of not only momentary, but structural measures, such solutions do not work. The problem of increasing inflation or falling the ruble with simple single actions cannot be solved. Therefore, today's decrease by two percentage points is only a pen test, the positive effect of which can only facilitate the work of banks and enterprises.

Do not regard this as a recognition of the error of the Central Bank: this is one of those many actions that are necessary in order to move on in solving problems.