The Bank of Russia’s latest commentary on monetary conditions and transmission shows that federal government bond (OFZ) yields increased in July, while retail deposit rates stopped declining in June as market participants raised expectations for the future key rate path. Interest rates on market-based corporate loans continued to fall. Annual growth in broad money, measured by M2X, edged down in June, mainly because of slower corporate lending growth. Preliminary data indicate that the slowdown persisted in July.
Central Bank of Russia2026-08-11
Bank of Russia reports higher OFZ yields, stable retail deposit rates and slower broad money growth
The Bank of Russia reported that OFZ yields rose in July and retail deposit rates stopped declining in June, while market-based corporate loan rates continued to fall. Annual M2X growth slowed in June, with preliminary data showing the trend persisted in July.