Credit to economy grows moderately in February

Annual growth accelerated from 9.4% to 9.6% on the back of a recovery in corporate lending, driven mainly by ruble loans to non-financial organisations. Contrastingly, retail lending paused in February.

The movement of tax payment deadlines from February to March together with increasing corporate lending notably pushed up annual growth in money supply from 11.0% in January to 12.4% in February.