Mortgage lending supports growth of credit to economy in January

The key driver was strong consumer demand for mortgages, boosted by the anticipated tightening of the terms of the subsidised programme for families with children. Contrastingly, the portfolio of other retail loans stopped decreasing.

Corporate lending continued to decline in January, partly because companies actively repaid their obligations after receiving budget funds in December. The contribution of fiscal operations also dropped. All these factors resulted in a slowdown in annual money supply growth to 11.0% in January.