Monetary conditions change diversely in July–August but remain moderately tight
15 September 2026
News
Money market rates decreased in August, while long-term OFZ yields went up by the end of the month. Non-subsidised lending rates declined moderately in July. Deposit rates continued to go down in July, while they rose slightly in August, according to high-frequency indicators.
Annual growth in broad money (M2X) slowed in July as the contribution of fiscal operations decreased. According to high-frequency data, the growth rate of M2X decreased slightly in August, while remaining near its highs for the past 12 months.
More details are available in the Bank of Russia's information and analytical commentary Monetary Conditions and Monetary Transmission.
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