Indicators of monetary conditions change diversely from July to August
August saw a substantial growth in interest rates in some segments of the financial market, including the OFZ and money markets. According to recent estimates, on the back of the substantial increase of the key rate, interest rates on loans and deposits rose. This was indicative of tighter monetary conditions.
Rising inflation expectations of households and businesses and narrower credit spreads had an easing effect on monetary conditions. Growth rates of monetary aggregates remained high.
In July, lending activity among retail and corporate borrowers was still high. The inflow of household funds into banks slowed down slightly over the month.
More details are available in the information and analytical commentary Monetary Conditions and Monetary Policy Transmission Mechanism.