MOSCOW, September 25. /TASS/. Members of the Board of Directors of the Bank of Russia suggest that a more significant slowdown of growth rates of the banks’ total loan portfolio is required for a stable decline in inflation, while the lending market will continue adjusting to changes of the Central Bank’s monetary policy in the coming quarters, the regulator said in a summary of the key rate discussion.

"Members (of the Central Bank’s board of directors - TASS) noted that the adjustment of the lending market to changes in the monetary policy is not over yet. It will continue in the coming quarters. A more significant slowdown of the growth of total loan portfolio is required for a stable decline in inflation," the Bank of Russia said.

According to data provided by the regulator, growth of corporate lending in Russian banks slowed down to 1.9% in August from 2.3% in July. Growth of the consumer lending portfolio slowed down to 1.3% in August from 1.4% in July. The Central Bank projects annual inflation to decrease to 4-4.5% in 2025 considering the pursued monetary policy and to remain close to 4% in the future.