If such easing is undertaken in an environment in which other structural barriers that hamper the returns to investment, such as energy shortages, are removed, the cheaper price of credit can spur the activities of the private sector. Reducing the cost of credit by expansionary monetary policy will not necessarily lead to increased inflation if it is ensured that credits are directed through regulatory measures to productive investments, especially to agriculture and not to speculative investments in assets. It becomes negative only beyond moderate rates of inflation, ranging from 13% to 17%.