Monetary aggregates
March 2025
As of April 1, 2025 the ruble money supply (M2) amounted to 116.5 trn rubles, which is lower than estimation published earlier, by 0.3 trn rubles. In March, the monetary aggregate M2 decreased by 1.0%. Annual growth rate of monetary aggregate M2 continued its downward trend and amounted to 17.0% (in February – 18.4%). Annual growth rate of broad money M2X (adjusted for foreign currency revaluation) also decreased to 13.8% (in February – 14.9%).
| Growth rate, % | |||||||
|---|---|---|---|---|---|---|---|
| Annual | Monthly |
From the beginning of the year |
|||||
|
01.04.2025 trln rubles |
01.03.2025 | 01.04.2025 | 01.03.2025 | 01.04.2025 | 01.03.2025 | 01.04.2025 | |
| Monetary aggregate M0 | 16.4 | -0.4 | -1.4 | -1.0 | -1.4 | -3.7 | -5.1 |
| Monetary aggregate M1 | 51.1 | 4.5 | 3.6 | 1.0 | -0.9 | -0.2 | -1.1 |
| Monetary aggregate M2 | 116.5 | 18.4 | 17.0 | 1.0 | -1.0 | 0.4 | -0.6 |
|
Monetary aggregate M2X (broad money) |
128.6 | 14.4 | 12.7 | -0.2 | -1.2 | -0.7 | -1.9 |
|
Monetary aggregate M2X* (broad money) |
14.9 | 13.8 | 1.0 | -0.8 | 0.8 | 0.0 | |
Annual growth rate of monetary aggregates, %
Fig. 1
* adjusted for foreign currency revaluation.
Counterparts of the broad money
Claims on economy. The contribution of banking system claims on organisations and households to the growth of M2X (adjusted for foreign currency revaluation) continued to be decisive, although it has been gradually declining in recent months. In March 2025, the annual contribution of the banking system claims on the economy amounted to 16.8 trn rubles, which is lower than month before (18.1 trn rubles). The annual growth of claims on households decreased to 2.1 trn rubles, claims on organisations were also lower and ammounted to 14.7 trn rubles.
Net claims on general government. Contribution of budget operations to broad money M2X annual growth remained positive during the first quarter of 2025 (3.3 trn rubles in March, 3.2 trn rubles in February, 2.9 trn rubles in January).
Net foreign assets. The contribution of net foreign assets of the banking system to M2X annual growth remained negative and as of April 1, 2025 amounted to −2.1 trn rubles.
| Growth for the period, trln rubles* | |||||||
|---|---|---|---|---|---|---|---|
| Annual | Monthly |
From the beginning of the year |
|||||
|
01.04.2025 trln rubles |
01.03.2025 | 01.04.2025 | 01.03.2025 | 01.04.2025 | 01.03.2025 | 01.04.2025 | |
| Claims on organisations | 105.3 | 15.4 | 14.7 | 0.6 | 0.9 | -0.3 | 0.7 |
| Claims on households | 38.7 | 2.7 | 2.1 | -0.1 | 0.1 | -0.3 | -0.2 |
| Net claims on general government | -2.1 | 3.2 | 3.3 | 1.9 | -1.3 | 0.9 | -0.4 |
| Bank of Russia net foreign assets | 51.7 | -2.2 | -1.2 | 0.0 | 0.2 | 0.0 | 0.3 |
| Credit institutions net foreign assets | 6.5 | -0.6 | -0.9 | 0.2 | 0.1 | 1.0 | 1.1 |
|
Monetary aggregate M2X (broad money) |
17.0 | 15.8 | 1.2 | -1.0 | 1.0 | 0.0 | |
* adjusted for foreign currency revaluation.
Contribution of the M2X counterparts to the annual growth rate of M2X, p.p.
Fig. 2
* adjusted for foreign currency revaluation.
Annual growth rate* of claims on economy, %
Fig. 3
* adjusted for foreign currency revaluation.
Net claims on general government and federal budget balance, trln rubles
Fig. 4
Money supply includes cash and non-cash funds of residents of the Russian Federation. Various indicators of monetary aggregates are used to describe the dynamics of the money supply, they differ by the degree of liquidity. Monetary aggregate M0 (cash in circulation) is the most liquid aggregate. The widest aggregate is the broad money.
| M0 | Cash in circulation | Banknotes and coins in circulation less currency holdings (cash vaults) in the Bank of Russia and credit institutions. |
| + | Transferable deposits in rubles | Settlement, current and other demand accounts (including card payment accounts) of the Russian Federation residents (organisations and households) opened with the banking system in national currency. |
| M1 | M0 + transferable deposits in rubles | |
| + | Other deposits in rubles | Time deposits and other funds of the Russian Federation residents (organisations and households) in national currency, as well as all accrued interest on deposit operations of the Russian Federation residents (organizations and households) in the banking system. |
| M2 | M1 + other deposits in rubles | |
| + | Deposits in foreign currency | Settlement, current and other demand accounts, as well as time deposits and other funds in foreign currency and precious metals and all accrued interest on deposit operations of the Russian Federation residents (organizations and households) in foreign currency. |
| Debt securities | Certificates of deposit and savings certificates issued by credit institutions. | |
| M2X (broad money) | M2 + deposits in foreign currency + debt securities |
Counterparts of the broad money
|
Banking system claims on economy |
Depository corporations lending to households and corporations is accompanied by an increase of banks claims on these sectors and simultaneous growth of money supply through the rise of account balances and deposits of debtors. |
|
Net claims on general government |
Net claims on general government describes the impact of the budget system on money supply dynamics. The expenditure of budget funds and transfer of funds from government accounts to recipient corporations or households reduce funds on government accounts (increases net claims on general government) and rise accounts and deposits of credit recipients, thereby increasing the money supply. On the contrary, taxes and other payments to the budget system reduce accounts and deposits of corporations and households and increases government deposits in the banking system (reduce net claims on general government). |
|
Net foreign assets of the banking system (NFA) |
NFA reflects the impact of corporations and households operations with non-residents on money supply developments (foreign trade operations and operations with financial instruments of non-residents). For instance, transfer the export revenues to Russian credit institutions accounts increases foreign currency correspondent accounts of the Russian credit institution (increasing NFA) and foreign currency deposits in the banking system (growth of broad money). Import payments have the opposite effect. There are also other operations that lead to changes in net foreign assets. |
| Other factors | The transfer of funds from household accounts to escrow accounts (not included in monetary aggregates) as well as increase of the capital of the banking system (as a result of its growth due to retained earnings of credit institutions) has a restraining effect on money supply. |
Adjustment for foreign currency revaluation for monetary aggregates in foreign currency in ruble terms (as a result of changes in the exchange rates of a foreign currencies against the ruble) makes it possible to analyse the changes of monetary aggregate over a certain period of time under unchanged exchange rates.
The growth of aggregate in foreign currency adjusted for foreign currency revaluation calculates as the growth of foreign currency deposits in dollar terms, converted into rubles using the average arithmetic exchange rate at the beginning and the end of period.
* adjusted for foreign currency revaluation.