Kirill Tremasov, advisor to the governor of Russia's central bank, mentioned on Saturday that the bank will gain a comprehensive understanding of lending trends by the April meeting on the key rate; however, it is premature to discuss it at this stage.
Tremasov noted that Russia's credit slowdown in early 2025 has been counterbalanced by a robust fiscal stimulus. He explained, "Lending, for both consumers and corporations, stalled during the winter months, but the dynamics of the money supply have not yet reacted to this." He elaborated on the situation by pointing out that "new money also enters the economy through an additional channel, which is the budget deficit."
Regarding the current scenario, Tremasov expressed that data on the lending situation will remain "affected by seasonality and various other factors" until April.