In August, lending to the Russian economy continued to recover, with credit volumes increasing by 1.8%. This follows a rise of 1.1% in July.
The main factor behind this growth was corporate lending. Retail loans also began to grow during August. As a result, the overall increase in broad money accelerated to 1.4%, compared with 0.8% in July, even though fiscal operations had a negative effect.
Cash in circulation grew at a pace similar to that seen in June and July. Meanwhile, as deposit rates declined, households’ ruble assets contributed less to the growth in money supply.
