MOSCOW (Reuters) – Kirill Tremasov, advisor to the governor of Russia’s central bank, said on Saturday that the bank will have a full understanding of lending trends by the April meeting on the key rate, but for now it is too early to talk about it.
Russia’s credit slowdown in early 2025 has been offset by a “strong fiscal impulse”, Tremasov said.
“Lending, both consumer and corporate, came to a halt during the winter months, but money supply dynamics have not yet responded to this,” Tremasov said.
“Why? Because new money also comes into the economy through an additional channel, which is the budget deficit.”
Tremasov said that until April, data on the lending situation will continue to be “muddled by seasonality and other factors”.
(Reporting by Elena Fabrichnaya; editing by David Evans)
