International commodity prices have declined recently, in reflection of concern over a slowdown in the global economy, but they may turn to an increase again depending on factors such as developments in the situation surrounding Ukraine. Moreover, vigilance against the course of COVID-19 at home and abroad is still warranted.
Supervisory information based on a direct dialogue between the banks and supervisors can provide more enlightening evidence on these issues. This type of information may prove particularly relevant in times of turbulence. In the broad credit channel, monetary policy influences the creditworthiness of bank borrowers, for example, through changes in asset and hence collateral values, leading to a change in their external financing premium.