Monetary conditions remain neutral in January
14 February 2023
News
High-frequency indicators and Russian financial market data point to continued neutrality of monetary conditions in January. This is stated in the Bank of Russia’s information and analytical commentary Monetary Conditions and Monetary Policy Transmission Mechanism.
In December, household funds in ruble accounts and deposits continued to grow steadily. Corporate lending grew at a higher pace. A record amount of loans was issued in the mortgage segment.
In January, long-term OFZ yields slightly increased amid expected additional borrowings. At the same time, increased lending to the economy and budget expenditure fuelled annual money supply growth in January.
Preview photo: Aleksey_Potopahin / Shutterstock / Fotodom