The paper analyzes the impact of interest to the financial markets, thereby assessing the effectiveness of interest rate instruments in each period of regulation of the State Bank. 1-2 years ago, each interest rate adjustment is the credit market, as well as securities have strong effects, but the interest rate was adjusted recently, especially with regard to interest rates on 18 -3-2014, the market does not show a similar effect. Perhaps, in the context of the complex progression bad debt, coupled with weak demand, the role of interest rates was "critical".
