Monthly credit growth in Russia slowed to 0.3% in June, down from 1.1% in May, according to recent data. The Bank of Russia attributed the slower expansion to continued tight monetary conditions.
Corporate lending was the main contributor to overall credit growth during the month. Banks’ claims on companies rose by 0.4% compared to May, while claims on households remained almost unchanged.
Broad money increased by 0.6%, similar to the rate seen in May. The main drivers were cash rubles and current accounts held by households, a trend that may reflect an increased need for funds during summer holidays. Long-term time deposits grew faster than short-term ones, possibly because depositors wanted to lock in current interest rates.
“More details are available in the new information and analytical commentary Credit to the Economy and Money Supply.”
