Money market rates continue growing in December
Money market rates for up to six months increased in December. This was because the Bank of Russia raised the key rate on 17 December 2021 and market participants reviewed their expectations regarding the key rate due to persistently high inflation.
As deposit rates continued to go up, the inflow of households’ funds into banks sped up. Moreover, customers gradually transferred their funds from current accounts to time deposits.
More details are available in the new issue of the Banking Sector Liquidity and Financial Markets commentary.