Monetary and credit conditions generally soften in June–July
9 August 2023
News
The persistently high growth rates of lending in the corporate and retail sectors of the market evidenced an easing of monetary and credit conditions in the economy. Rising inflation expectations of households and businesses had an easing effect on monetary and credit conditions, while the growth in nominal rates of the money and debt markets contributed to their tightening.
In June, the increase in ruble funds held by individuals in banks was mainly concentrated in current accounts. The growth rates of monetary aggregates accelerated again due to high lending activity.
More details are available in the information and analytical commentary Monetary Conditions and Monetary Policy Transmission Mechanism.
Preview photo: PHILIPPE MONTIGNY / Shutterstock / Fotodom