The Central Bank of Russia published its Monetary Conditions and Monetary Transmission commentary, reporting that RUONIA declined in June after the key rate cut and that market-based loan and deposit rates continued to fall in May. It also said market participants revised their expectations for the future monetary policy path after the June rate decision, and that by the end of June money market rates and OFZ yields had risen significantly, especially at medium and long maturities, implying tighter conditions in those segments. On liquidity and credit, annual money supply growth accelerated in May, driven by strong corporate lending, a revival in retail lending and budgetary operations. Preliminary data indicated that annual M2 growth continued to accelerate in June, while M2X growth stayed close to its May level.
Central Bank of Russia2026-07-09
Central Bank of Russia says June key rate cut lowered RUONIA while medium and long maturity market conditions tightened
The Central Bank of Russia said RUONIA fell in June after the key rate cut, while market-based loan and deposit rates continued to decline in May. By end-June, however, money market rates and OFZ yields had risen sharply at medium and long maturities as policy expectations shifted, tightening conditions in those segments. Money supply growth also accelerated, supported by corporate lending, retail lending and budgetary operations.