In December–January, monetary conditions ease but remain tight
Money and bond market rates for medium- and long-term maturities rose in January. However, given rising market inflation expectations, real rates remained virtually unchanged.
In December 2025, corporate loan rates were mainly decreasing following monetary easing, while retail lending rates changed slightly. Household deposit rates recovered to October levels owing to the December key rate cut that had been more moderate than expected by market participants.
The growth of monetary aggregates continued to decelerate in January, partly due to weak corporate lending. Nevertheless, retail lending sped up somewhat amid expectations of tighter subsidised mortgage lending terms.
More details are available in the Bank of Russia’s information and analytical commentary Monetary Conditions and Monetary Transmission.