The Bank of Russia announced on Apr. 9 that money and bond market rates declined in March, though monetary conditions remained tight overall. The central bank said inflation expectations among households and businesses stayed high, resulting in a decline in real interest rates on average.
Interest rates for corporate loans and household deposits decreased during February. Lending to the economy increased due to renewed growth in corporate lending, while retail lending expansion stopped because of lower demand for mortgages and a reduction in outstanding non-mortgage loans.
Fiscal operations contributed to an increase in money supply during March, keeping the annual growth rate of broad money close to the level seen in February. More detailed information is available through the Bank of Russia’s analytical commentary on monetary conditions and transmission.
According to the official website, the Bank of Russia documented cash circulation reaching 18.6 trillion rubles as part of its currency management according to the official website. The central bank serves as the sole issuer of the Russian ruble and manages national cash circulation according to the official website.
The Bank of Russia operates as a legally independent entity with federal property, exercising monetary authority separate from other government bodies according to the official website. Its goals include promoting financial and price stability while fostering a competitive financial market according to the official website. Leadership at the institution includes a governor, deputy governors, and specialized departments according to the official website.
The central bank also publishes various documents such as annual reports and financial analyses for public access according to the official website.
