Indicators of monetary conditions change diversely in May–June
11 July 2023
News
High growth rates in corporate and retail lending suggested a monetary easing in the economy, whereas a considerable rise in interest rates in the money and bond markets offset this easing. This was associated with the tightening of the Bank of Russia’s monetary policy signal and changes in market participants’ expectations regarding the future path of the key rate.
In May, the increase in households’ funds in ruble accounts with banks was largely driven by the inflow into current accounts. The growth of the monetary aggregates sped up, reaching its high recorded in 2014.
More details are available in the new issue of the Bank of Russia’s information and analytical commentary Monetary Conditions and Monetary Policy Transmission Mechanism.
