Monetary indicators remain tight in June–July
11 August 2025
News
Nominal interest rates declined significantly, while the decrease in yields in real terms was less notable due to the slowdown in current price growth. Households’ inflation expectations changed unevenly and remained elevated.
In June, interest rates dropped in almost all segments of the credit and deposit market. Bank lending conditions were still tight. In this context, the growth of credit to the economy and money supply was moderate. According to preliminary data, the dynamics of interest rates and credit activity remained the same in July.
More details are available in the Bank of Russia’s information and analytical commentary Monetary Conditions and Monetary Policy Transmission Mechanism.
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