IT'S A SHAME FOR THE STATE!

The article provides an up-to-date analysis of the work of the Central Bank of Russia as the pinnacle of the banking system. The author comes to the conclusion that banking activities are not carried out in the interests of developing the state's economy, but only for the Central Bank to extract its own profit. This is evidenced by the Central Bank setting the key rate twice as high as inflation, which does not prevent inflationary expectations, but contributes to the transfer of budget funds to the banking sector to the detriment of the real economy. High loan rates with low profitability of mechanical engineering (primarily the military segment) force the state, under conditions of its own and sanctions, to provide them with significant financial assistance from the National Welfare Fund, and the funds received by the enterprises are given to banks for debts. Among other sources of unjustified enrichment of banks, the author points to exorbitantly high mortgage rates, while the state ensures the operation of preferential lending programs by covering the difference from budget funds. The program of preferential lending for purchases of priority imported products, which was launched in the Russian Federation in May 2022, is also compensated to banks through subsidies from the federal budget. The economic scenario of banking activity presented in the article is intended to illustrate the author's statement that the banking system has become a brake on the Russian economy. We need a complete nationalization of the banking system, which would fulfill the role of financial services to the economy, and not its own enrichment.