Indicators of monetary conditions change diversely over June–July
11 August 2026
News
OFZ yields increased in July. Interest rates on retail deposits stopped declining in June in response to a rise in OFZ yields and higher expectations of market participants regarding the future key rate path. Interest rates on market-based corporate loans continued going down.
Annual growth in broad money (M2X) edged down in June mainly due to a slower increase in corporate lending. According to preliminary data for July, the М2Х slowdown persisted.
More details are available in the new issue of the Bank of Russia’s information and analytical commentary Monetary Conditions and Monetary Transmission.