Monetary conditions ease but remain tight in January–February
12 March 2026
News
Money and bond market rates for all maturities decreased by the end of February. Inflation expectations of households and businesses declined, while those of the market remained at the level of previous months.
Deposit rates went down following gradual key rate cuts. Lending to the economy contracted in January, driven by the corporate segment. Lending dynamics were moderate in February, while retail segment activity was weak following the increased demand for mortgages.
In February, annual growth rates of money supply temporarily sped up due to the postponement of tax payments.
More details are available in the Bank of Russia’s information and analytical commentary Monetary Conditions and Monetary Transmission.
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