Published on: 2026-08-11
Source: Central Bank of Russia – Central Bank of Russia –
An important disclaimer is at the bottom of this article.
Yields on OFZs increased in July. The decline in retail deposit rates in June paused: they responded to the increase in OFZ yields and the heightened market participants’ expectations regarding the future trajectory of the key rate. Rates on corporate loans under market conditions continued to decrease.
The annual growth of the broad money supply (M2X) in June slightly decreased, mainly due to slower growth in corporate lending. Preliminary data for July indicate that the slowdown of M2X continued.
Read in more detail in the informational and analytical commentary “Monetary Policy Conditions and MPC Transmission”.
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