THE MAIN FACTORS OF INCREASING THE EFFICIENCY OF CREDIT RESOURCES USE
The article is devoted to the issues of increasing the efficiency of using credit resources in the economic space. One of the main factors constraining the growth of production in the countries of the Commonwealth of Independent States is expensive loans and borrowings. Having a huge potential for the development of the manufacturing sector, our countries have an annual growth of gross domestic product in the range of 0-1.5 percent. The authors substantiated the influence of various factors on the country’s investment potential, including an assessment of the devaluation mechanism of budget replenishment and the chronic decline in real incomes of the population over five years. The study was carried out and the developments of various authors of world economic science in the theoretical part of the article were analyzed. The authors analyze the factors influencing the pace of economic development in the country, analyze the influence of the key rate of the central bank on the cost of borrowing credit resources in the credit market. Based on the analysis of the experience of world countries, a three-factor model has been developed and proposed and a formula has been formulated for the effectiveness of credit resources depending on the indicator of bank margin and the key rate of the central bank. Examples are given of the use of the key rate by the leading countries of the world as the main element of economic development. The main directions are proposed within the framework of the formation of an effective monetary policy, contributing to the improvement of the investment climate and the development of the manufacturing sector of the economy. The mechanisms of influence and the possible effectiveness of the proposed areas of monetary stimulation of the manufacturing sector are defined. In particular, attention is focused on targeting, innovativeness and efficiency of investments, where the banking sector plays a high role and responsibility.