Nominal interest rates increased significantly in most financial market segments in July. This tightening effect on monetary conditions was partially offset by a rise in households’ and businesses’ inflation expectations.
In June, credit activity in the corporate segment remained high, while the retail segment saw an increase due to higher demand attributed to the forthcoming termination of the non-targeted subsidized mortgage program. Recent data indicate that the growth of monetary aggregates continued to decelerate in July.
More details are available in the information and analytical commentary "Monetary Conditions and Monetary Policy Transmission Mechanism."