We have introduced completely new tools to support the economy. Those include refinancing loans for banks for up to five years, an interest rate swap for banks, and an FX swap facility with international institutions. We have made single-digit loan rates a reality.
Yes, it will be some time before low inflation and the low key policy rate have their full impact on the cost of debt. But it will definitely happen. Of course, if creditors’ rights were better protected, it would happen sooner, but this is beyond the NBU’s purview.