We likely would have spent this amount anyhow, to absorb excess liquidity. It is an entirely different situation. You are talking about excess liquidity, on the one hand, and about a mountain of inter-company debt, on the other. Only on the face of it. In the last 12 months, the average interest rate charged to borrowers in Macedonia declined from 21 percent to 14 percent.
Good borrowers pay less than ten percent per year.
The implementation of a new, commercial bank-managed payment system will increase liquidity. The liquidity in the banking system is so high that the inter-bank lending rate is at seven percent, or half the market rate. Money supply aggregates are high and growing. Still, many of the firms are not eligible to receive new credits. As firms are privatized, it will either be privatized as well or deleted.