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stabilisation close to 4%. MONETARY CONDITIONS MAIN FACTS Money market rates and OFZ yields went down over the period following the July meeting. Deposit and

stabilisation close to 4%. Monetary conditions Main facts Money market rates and OFZ yields went down over the period following the July meeting. Deposit and

are based on the comparison of expected yields on OFZ-IN and nominal OFZ (OFZ-PD), taking into account the 9 lag in the nominal value indexation

1Y 16.17% 14.68% 2Y OFZ 14.18% 13.20% 5Y OFZ 14.27% 13.63% 10Y OFZ 14.39% 13.82% Banks’ interest

16,537 15,720 16,243 14,720 8,995 11,446 OFZ 28,119 22,797 19,418 15,445 16,537 15,720

still depend on fundamental factors. OFZ AND CORPORATE BOND MARKET As of the end of 2024, the curve of OFZ yields increased for all maturities

are based on the comparison of expected yields on OFZ-IN and nominal OFZ (OFZ-PD), taking into account the lag in the nominal value indexation and

attractive to banks thus influencing their pricing. As banks are the major OFZ market participants, the cancellation of the LCR-related easing influences not only pricing

1Y 18.35% 16.17% 2Y OFZ 15.58% 14.18% 5Y OFZ 15.07% 14.27% 10Y OFZ 15.07% 14.39% Banks’ interest

6.0–7.0%. MONETARY CONDITIONS MAIN FACTS Money market rates and OFZ yields went down over the period following the June meeting. Deposit and