Market rates decrease in June after monetary policy easing
The decrease in money market rates was due to a revision of market participants’ expectations regarding further changes in the key rate amid the improved macroeconomic situation.
Banks continued to adjust deposit rates downwards. Nonetheless, households mostly preferred not to spend idle funds, as a result of which the accumulation of households’ savings with banks continued.
The cost of loans lowered unevenly. Interest rates on loans to non-financial organisations declined more significantly due to the emergence of new mechanisms for stimulating production and investment and the launch of an expanded programme of subsidised lending to small and medium-sized businesses. Rates in the retail segment changed marginally.
More details are available in the new issue of the information and analytical commentary Banking Sector Liquidity and Financial Markets.