Monetary conditions ease but remain tight in July and August
15 September 2025
News
Nominal interest rates continued to go down in most segments of the financial market. Inflation expectations of households and businesses were still elevated.
Bank credit and deposit rates were declining following the key rate cuts. In July and August, faster growth in monetary aggregates was driven by a revival of corporate lending and higher but still moderate retail lending.
More details are available in the information and analytical commentary Monetary Conditions and Monetary Policy Transmission Mechanism.
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