Indicators of monetary tightness change unevenly in February–March
9 April 2025
News
Real interest rates in most financial market segments decreased, demonstrating a shift in market participants' expectations towards an early easing of monetary policy. Inflation expectations of households and businesses also declined, which may suggest an increase in monetary tightness.
In February, lending activity in the corporate and retail segments continued to slow. Money supply was supported by fiscal operations.
More details are available in the Bank of Russia’s information and analytical commentary Monetary Conditions and Monetary Policy Transmission Mechanism.
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