Lending recovery continues in August

Corporate loans remained the key contributor to the growth. Furthermore, retail lending also started to expand in August. As a result, the increase in broad money sped up to 1.4% from 0.8% in July, despite the negative contribution of fiscal operations.

In August, cash in circulation was growing at a rate comparable to that recorded in June—July. As deposit rates were declining, the contribution of households’ ruble assets to the rise in money supply was decreasing.