First, 7.5% is the credit spread, and would not be significantly lower if we cut the policy rate (at 6.5% today) by another 100 basis points. Second, the inflation that matters to the industrialist is not the 0.5% at which their output prices are inflating, but the 4% at which their profits are inflating (because costs are falling at 5% annually).
Our initial assessment shows that these directives are already shaping the corporate governance structures within the banking industry as we continue to ensure full compliance. 14. The industry’s effort at reducing the high levels of non-  performing loans is gradually taking shape, partly due to compliance with the loan write-off directive.