Monetary conditions continue to tighten
9 April 2024
News
Monetary conditions continued to tighten in March, in response to the Bank of Russia’s signals that the period of high rates would last longer than expected.
In March, OFZ (federal government bonds) yields were again rising across all maturities. The dynamics of short- and long-term securities were associated with the revision of market participants’ expectations regarding the key rate path and the assessment of fiscal risks, respectively.
Annual growth of monetary aggregates continued to slow down, although staying above the values of
More details are available in the information and analytical commentary Monetary Conditions and Monetary Policy Transmission Mechanism.