The cause of deleveraging in the economy and ways to overcome it

The purpose of this article is to analyze the factors of the slowdown in banks ' lending to the real sector of the economy and reduction of credit activity in General, formulation of measures to restore pre-crisis lending. The decline in Bank lending to the economy, the deterioration of loan portfolio quality, related, in particular, the orientation of the trend of the Bank of Russia key rate is not the average level of profitability of enterprises, and on inflation and inflation expectations. In addition, the conditions for speculation banks in the foreign exchange market in order to obtain a quick windfall "takes" credit resources from the real sector. As a consequence of the disparate interests of the Bank of Russia, commercial banks and companies-borrowers. Orientation of the trend of the key interest rate to the average profitability of the borrowers, the return to a managed exchange rate regime, the intensification of market debt instruments - corporate bonds - these are the priority actions that would contribute to solving the deleveraging in the economy.