We want to improve regulatory standards so that they should be closer to our country’s reality, and thus generate credit for the private sector. But it is clear that the major challenge is that all our deposits are short term. We cannot request banks to give long-term loans if their whole funding is short term. That would be wishful thinking on our part.
We should then note that the private sector deposits are stagnant. The only thing that is growing today is the public sector deposits. But time deposits, except for CER-adjusted deposits, are markedly inactive. Hence the need for our management to focus on the creation of new instruments that may persuade people to save again.