Monetary aggregates
In March 2024, monthly growth of the monetary aggregate M2 was lower than in February and amounted to 0.2% (in February 2024 — 1.6%). The annual growth rate of ruble money supply continued to decline to 17.4% (in February — 18.4%). The annual growth rate of broad money (adjusted for foreign currency revaluation) also slowed down and amounted to 14.2% (in February — 14.5%).
Lending to the economy continued to make a major contribution to the money supply dynamics.
Annual growth rate of monetary aggregates, %
Monetary aggregate M0 in March continued reducing (-86.5 bln rubles), as well as in February. As a result, the annual growth rate of the most liquid component of money supply (M0) maintained its downward trend and decreased to 5.1% (in February — 7.3%). At the same time, the increase of annual growth rate of transferable deposits caused the rise of annual growth rate of the monetary aggregate M1 from 8.2% in February to 8.8% in March.
Monetary aggregates
| Annual growth rate, % |
From the beginning of the year, % |
Monthly growth, % | Monthly growth, bln rbls | ||||||
|---|---|---|---|---|---|---|---|---|---|
|
01.04.2024 bln rubles |
01.03.2024 | 01.04.2024 | 01.03.2024 | 01.04.2024 | 01.03.2024 | 01.04.2024 | 01.03.2024 | 01.04.2024 | |
| Monetary aggregate M0 | 16 622 | 7.3 | 5.1 | -2.5 | -3.0 | -0.3 | -0.5 | -47.6 | -86.5 |
| Transferable deposits in rubles | 32 716 | 8.7 | 10.8 | 0.3 | 0.5 | 2.6 | 0.2 | 821.2 | 55.7 |
| Monetary aggregate M1 | 49 338 | 8.2 | 8.8 | -0.6 | -0.7 | 1.6 | -0.1 | 773.6 | -30.8 |
| Other deposits in rubles | 50 258 | 30.6 | 27.4 | 2.8 | 3.2 | 1.7 | 0.4 | 831.7 | 204.5 |
| Monetary aggregate M2 | 99 596 | 18.4 | 17.4 | 1.1 | 1.2 | 1.6 | 0.2 | 1 605.4 | 173.7 |
| Other deposits in foreign currency | 14 506 | 10.1 | 12.0 | 2.3 | 2.9 | 3.3 | 0.6 | 462.1 | 87.4 |
| Certificates of deposit and savings certificates | 4 | -8.2 | -8.1 | -0.9 | -1.5 | -0.5 | -0.7 | 0.0 | 0.0 |
| Broad money | 114 106 | 17.3 | 16.7 | 1.2 | 1.4 | 1.8 | 0.2 | 2 067.4 | 261.1 |
|
Broad money (adjusted for foreign currency revaluation) |
14.5 | 14.2 | 0.9 | 1.1 | 1.5 | 0.2 | 1 663.2 | 183.1 | |
Moderate growth of ruble money supply (by 173.7 bln rubles in March) was mainly due to the rise of other (term) deposits (by 204.5 bln rubles).
Sources of money supply growth, p.p.
* adjusted for foreign currency revaluation
Lending to the economy remained the key source of money supply growth. Contribution of net claims of banking system on general governments was significantly lower than a year earlier.
Deposits dollarization, %
In March, dollarization of total deposits increased slightly and amounted to 14.9%. The increase of dollarization of total deposits was mainly due to the growth of nonfinancial corporations deposits dollarization (from 23.4 to 23.8%) and other financial corporations deposits dollarization (from 7.0 to 7.5%).
The contribution of money-holding sectors to the annual growth rate of broad money, p.p.
The slowdown of annual growth rate of broad money reflected in the decrease in contribution of deposits of nonfinancial and other financial organizations deposits. The contribution of household funds** to the annual growth rate of broad money continued to be decisive and amounted to 11.8 p.p. of 16.7% as of April 1.
** The household sector includes individuals and individual entrepreneurs.
Broad money deposits (types of deposits by sector)
| Annual growth rate, % |
From the beginning of the year, % |
Monthly growth, % | Monthly growth, bln rubles | ||||||
|---|---|---|---|---|---|---|---|---|---|
|
01.04.2024 bln rubles |
01.03.2024 | 01.04.2024 | 01.03.2024 | 01.04.2024 | 01.03.2024 | 01.04.2024 | 01.03.2024 | 01.04.2024 | |
| Deposits – total | 97 479 | 19.2 | 18.9 | 1.9 | 2.2 | 2.2 | 0.4 | 2 115.0 | 347.6 |
| Deposits of households – total | 49 362 | 27.0 | 28.3 | 1.9 | 4.1 | 2.7 | 2.1 | 1 292.5 | 1 005.0 |
| Transferable deposits of households in rubles | 15 937 | 16.0 | 14.6 | -2.0 | -0.7 | 4.3 | 1.3 | 654.9 | 203.5 |
| Other deposits of households in rubles | 29 395 | 38.9 | 41.3 | 4.5 | 7.3 | 2.0 | 2.7 | 572.1 | 779.6 |
| Deposits of households in foreign currency | 4 031 | 2.1 | 7.1 | 0.3 | 0.8 | 1.7 | 0.5 | 65.5 | 21.9 |
| Deposits of nonfinancial corporations – total | 42 037 | 10.3 | 10.2 | 0.5 | -0.9 | 1.5 | -1.4 | 627.2 | -612.1 |
| Transferable deposits of nonfinancial corporations in rubles | 15 459 | 0.4 | 4.9 | 2.2 | 1.4 | 1.3 | -0.8 | 200.2 | -117.3 |
| Other deposits of nonfinancial corporations in rubles | 16 559 | 19.5 | 13.1 | -2.5 | -5.5 | 0.4 | -3.1 | 68.0 | -536.9 |
| Deposits of nonfinancial corporations in foreign currency | 10 020 | 12.9 | 14.1 | 3.5 | 3.9 | 3.7 | 0.4 | 359.1 | 42.1 |
| Deposits of other financial corporations – total | 6 080 | 29.5 | 14.2 | 11.6 | 10.8 | 3.3 | -0.7 | 195.3 | -45.3 |
| Transferable deposits of other financial corporations in rubles | 1 320 | 39.0 | 48.0 | 7.7 | 5.3 | -2.4 | -2.3 | -33.8 | -30.5 |
| Other deposits of other financial corporations in rubles | 4 305 | 26.6 | 7.0 | 14.8 | 13.8 | 4.6 | -0.9 | 191.7 | -38.2 |
| Deposits of other financial corporations in foreign currency | 455 | 31.5 | 11.3 | -4.3 | 0.9 | 9.5 | 5.4 | 37.5 | 23.4 |
In March 2024, the total amount of deposits increased by 347.6 bln rubles. As savings in ruble deposits remained attractive, households other (term) deposits rose (+779.6 bln rubles), its annual growth rate increased to 41.3% compared to 38.9% in February.
Slight increase of deposits in foreign currency was mainly due to currency revaluation.
Contribution to the annual growth rate of deposits*** (all types of deposits by sectors), p.p.
*** adjusted for foreign currency revaluation
The annual growth rate of total deposits in rubles and foreign currency (adjusted for foreign currency revaluation) remained at the level of last month and amounted 15.9%. The main contribution to the annual growth rate of total deposits was made by the household deposits in rubles (12.4 p.p.), as in the previous month.
Money supply includes all funds of residents of the Russian Federation in cash and deposits.
Monetary agreggates are divided by liquidity level. The most liquid part of the money supply is M0 monetary agreggate (cash in circulation)
Main definitions
Cash in circulation — the most liquid part of the money supply, includes banknotes and coins in circulation less currency holdings (cash vaults) in the Bank of Russia and credit institutions.
М1 = М0 + transferable deposits in rubles
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 credit institutions in national currency.
М2 = М1 + other deposits in rubles
Other deposits in rubles — time deposits and other funds of the Russian Federation residents (organisations and households) opened with the credit institutions in national currency, including accrued interest on the deposits.
Broad money = М2 + other deposits in foreign currency + debt securities
Other deposits in foreign currency — deposits denominated in all kinds of foreign-currency and in precious metals of the Russian Federation residents (organisations and households) opened with the credit institutions, including accrued interest on the deposits.
Debt securities — certificates of deposit and savings certificates issued by credit institutions.
Sources: consolidated Balance Sheet of operating credit institutions, the Bank of Russia Balance Sheet.