Monetary conditions continue easing in March–April, while staying tight

Interest rates on corporate loans and retail deposits continued to go down in March. Retail lending was growing in March, supported by an increase in mortgage lending and a rebound in other credit segments. Contrastingly, dynamics in the corporate segment weakened in March, compared to the previous month.

The expansion of corporate lending sped up in April. As a result, the annual growth rate of broad money was up.

More details are available in the new issue of the Bank of Russia’s information and analytical commentary Monetary Conditions and Monetary Transmission.