Real interest rates experienced a decline across most segments of the financial market during January and February. This trend is attributed to an improving geopolitical environment and changing expectations among market participants regarding the timing of monetary policy easing.
Despite this, credit rates remained elevated, and borrowing requirements became more stringent. High-frequency data from February indicates that both corporate and retail lending continued to decelerate. Meanwhile, budget operations contributed to the growth of money supply.
Further information can be found in the commentary titled "Monetary Conditions and Monetary Policy Transmission Mechanism."