Published on: 2026-07-09
Source: Central Bank of Russia – Central Bank of Russia –
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The RUONIA rate in June decreased following the reduction of the key rate. Loan and deposit rates on market terms continued to decline in May.
At the same time, following the June decision on the key rate, market participants revised their expectations for the further trajectory of monetary policy. By the end of the month, money market rates and OFZ yields had risen noticeably, especially in the medium and long terms. This indicated a tightening of conditions in these segments.
The annual growth of the money supply accelerated in May. This was facilitated by high lending activity in the corporate segment, a revival of retail lending, and budget operations. According to preliminary data, in June the annual growth of M2 continued to accelerate, while the growth of M2X remained close to the May level.
Read in more detail in the informational-analytical commentary “Monetary Policy Conditions and MPC Transmission”.
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