did not pay enough attention to this material kuwait telegram data and these figures. And the trends continu to rapidly increase. We receiv more and more confirmation of the tightening of monetary conditions throughout December, right up to the decision on Friday.
— Is this the only factor that the market did not take into account? What else, in your opinion, should have been taken into account when forming expectations for the December decision?
I have already mention the November
data on lending, which probably did not attract due attention. But I would also like to note important data relat to the dynamics of interest rates on bank loans and deposits, especially for corporate clients. Yes, perhaps this data was only partially known to the market. But banks and their analysts could assess from their own observations what was happening with interest rates on banking products in recent months. And over the past two months, they have chang significantly. There have been significant shifts in rates, which l to the autonomous tightening of monetary conditions that we discuss on Friday.
The price tightening happen? Probably
some banks were overly optimistic about their ability to quickly exit the regulatory relaxations that the Central Bank introduc in 2022 and software developer using many different which it subsequently announc would be exit. Here are a few stories. One of them is about the short-term america email liquidity ratio. The ne to independently comply with this ratio significantly increas the competition between banks for corporate clients’ deposits.