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of restrictions on the
effective interest rate (EIR) caused a rise in credit rates. The increase in the macroprudential
buffers from 1 September 2023 reduced
less stringent in December compared to
the previous month. Banks raised nominal credit rates, while easing non-price lending conditions.
KEY INDICATORS*
(POINTS, SA)
Q1 Q2
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24.11.2023
accounts rose from 81% to 86%, which ensures a rather low average credit rate of 5.6%. However, it will not be easy to maintain
following the key rate hikes between July and September.
Banks promptly raised credit rates following the monetary policy decisions and growth in the cost of
the wake of
the key rate increases by the Bank of Russia.
Credit rates. Interest rates on loans continued to grow in September–October as
1336
09.11.2023
which is also described in the Monetary Policy Guidelines: first, deposit and credit rates change, influencing people’s and companies’ behaviour. This chain is quite
be associated with their greater sensitivity to
the movements in deposit and credit rates, which followed the key rate rises in August–September.
The inflation
September compared to 2023 H1, which was primarily associated with higher nominal credit
rates. Banks tightened lending conditions mostly by increasing interest rates, whereas non-price
accounts. Tight monetary conditions will stimulate
households to save funds in deposits.
Credit rates. In August–September, rates were growing in most segments of the
ruble funds into deposits in the near
future (see Section ‘Deposit rates’).
Credit rates. In June, the cost of short-term corporate loans decreased by 0.