The Central Bank of Russia published a new information and analytical commentary, Credit to the Economy and Money Supply, reporting that credit growth to the economy continued to slow in May as tight monetary conditions constrained lending. Annual credit growth eased to 10.9% in May from 12.4% in April. Over the month, banks’ claims on companies rose by 0.8% and claims on households by 0.4%. Lower credit activity coincided with slower broad money growth, which decelerated to 0.6% in May from 0.9% in April, while high deposit rates supported household savings, with most inflows coming into time RUB deposits. The Bank of Russia plans to publish the Credit to the Economy and Money Supply material on a monthly basis.
Central Bank of Russia 2025-06-23
Central Bank of Russia reports further slowdown in credit growth and introduces monthly Credit to the Economy and Money Supply commentary
The Central Bank of Russia reported a slowdown in credit growth to 10.9% in May from 12.4% in April, amid tight monetary conditions. Banks' claims on companies and households rose by 0.8% and 0.4%, respectively, while broad money growth decelerated to 0.6%. High deposit rates continued to support household savings, primarily in time RUB deposits.