The Central Bank of Russia published an update on monetary conditions and monetary transmission, finding that monetary conditions eased in November–December but remained tight overall. In December, interest rates in the money and bond markets mostly declined. Household and business inflation expectations continued to rise, while market expectations decreased. Loan and deposit rates continued to fall in November, most noticeably in the long-term segment of corporate lending, and the annual increase in monetary aggregates in December slowed significantly compared with November. Further detail is provided in the information and analytical commentary titled Monetary Conditions and Monetary Transmission.
Central Bank of Russia 2026-01-20
Central Bank of Russia reports monetary conditions eased in November–December but remained tight
The Central Bank of Russia reported that monetary conditions eased in November–December but remained tight overall, with declining interest rates in money and bond markets and rising household and business inflation expectations. Loan and deposit rates fell, particularly in long-term corporate lending, while the annual increase in monetary aggregates slowed significantly in December.