Monetary conditions remain tight in August–September
Nominal interest rates in the money and bond markets increased significantly as of the end of September after declining in previous months. Simultaneously, inflation expectations of both businesses and households edged down. This also contributed to the tightening of monetary conditions as compared to August.
Loan and deposit rates were decreasing in August amid the ongoing transmission of the earlier monetary policy easing. A modest uptick in corporate and retail lending continued in August. However, by the end of September, growth in credit to the economy moderated again and the rise in monetary aggregates slowed down.
More details are available in the information and analytical commentary Monetary Conditions and Monetary Policy Transmission.