The Central Bank of Russia has published a monetary conditions assessment showing lower interest rates on corporate and retail loans with long maturities in September, while rates on deposits with long maturities increased again. Annual growth in broad money (M2X) slowed in September, with high frequency data indicating continued deceleration in October.
Lower costs of market financing largely explained the decline in corporate lending rates. Rates on deposits with short maturities remained at July–August levels. In October, money market rates for maturities up to three months stayed close to the key rate, while those for six months or more edged higher. Yields on federal government bonds with maturities of two years or more fell, reversing direction after September’s increase.