Nominal interest rates in Russia decreased following the Bank of Russia's decision to maintain the key rate unchanged last December. While deposit rates began to decline, lending rates remained high, and requirements for borrowers became more stringent.
Recent data from January indicate that corporate and household lending continued to slow down. However, fiscal operations contributed to the growth of the money supply.
Further information can be found in the analytical commentary titled "Monetary Conditions and Monetary Policy Transmission Mechanism."