Indicators of monetary conditions predominantly tighten in December–January
9 February 2024
News
Growth in money market rates and short-term OFZ yields continued in January, indicating a tightening of monetary conditions. Higher inflation expectations of households and businesses in January compared to November slightly limited the overall scale of monetary tightening.
Lending activity slowed down, which was especially evident in the consumer lending segment. However, loan portfolio growth rates remained high until December.
More details are available in the information and analytical commentary Monetary Conditions and Monetary Policy Transmission Mechanism.