Monetary conditions remain tight in September–October
11 November 2025
News
In October, nominal interest rates in the money and bond markets were rising for the second consecutive month. Simultaneously, inflation expectations of both businesses and households increased. However, even considering the above, monetary conditions tightened somewhat as compared to September.
Loan and deposit rates continued dropping in September, albeit less significantly than in July–August. Interest rates on corporate loans rose slightly. According to preliminary estimates, corporate lending growth accelerated in October after slowing down in September. The growth rate of monetary aggregates edged up.
More details are available in the information and analytical commentary Monetary Conditions and Monetary Transmission.
Preview photo: Vladimir Smirnov / TASS