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Monetary aggregates


Data link:
Time Series. Monetary Aggregates
Depository Corporations Survey

June 2025

As of July 1, 2025 the ruble money supply (M2) amounted to 119.1 trn rubles, which is lower than estimation published earlier, by 0.1 trn rubles. In June, the monetary aggregate M2 increased by 0.7%. Annual growth rate of monetary aggregate M2 decreased and amounted to 15.0% (15.3% in May). Annual growth rate of broad money M2X (adjusted for foreign currency revaluation) increased to 12.8% (12.5% in May).

Tab. 1
Growth rate, %
Annual Monthly From the beginning
of the year

01.07.2025
trln rubles
01.06.2025 01.07.2025 01.06.2025 01.07.2025 01.06.2025 01.07.2025
Monetary aggregate M0 16.7 -1.5 0.0 -0.2 1.2 -4.4 −3.3
Monetary aggregate M1 52.4 2.8 4.2 0.7 2.0 -0.6 1.3
Monetary aggregate M2 119.1 15.3 15.0 0.6 0.7 0.8 1.6
Monetary aggregate M2X
(broad money)
130.7 11.0 11.9 0.3 0.6 -1.0 −0.4
Monetary aggregate M2X*
(broad money)
12.5 12.8 0.6 0.6 1.5 2.1

* adjusted for foreign currency revaluation.

Annual growth rate of monetary aggregates, %

Fig. 1

Created with Highcharts 10.3.32016201720182019202020212022202320242025-10010203040-10010203040
M0
M1
M2
M2X
M2X*

* 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 June 2025, the annual contribution of the banking system claims on the economy amounted to 14.2 trn rubles, which is lower than month before (15.2 trn rubles). Almost all of this growth was provided by an increase in claims on organisations, while the claims on households remained practically unchanged.

Net claims on general government. In June 2025 positive contribution of budgetary operations to broad money M2X annual growth increased and amounted to 4.8 trn rubles (4.5 trn rubles in May). The monthly growth of net claims in June 2025 (0.6 trn rubles) was lower than in the previous month (0.7 trn rubles in May).

Net foreign assets. The contribution of net foreign assets of the banking system to M2X annual growth became positive and as of July 1, 2025 amounted to 0.8 trn rubles.

Tab. 2
Growth for the period, trln rubles*
Annual Monthly From the beginning
of the year

01.07.2025
trln rubles
01.06.2025 01.07.2025 01.06.2025 01.07.2025 01.06.2025 01.07.2025
Claims on organisations 108.7 14.2 14.2 1.4 0.4 3.7 4.2
Claims on households 38.9 1.0 0.0 0.2 0.0 0.0 0.0
Net claims on general government -0.2 4.5 4.8 0.7 0.6 0.1 0.7
Bank of Russia net foreign assets 51.7 0.0 1.0 -0.1 0.6 1.3 2.0
Credit institutions net foreign assets 5.7 -0.6 −0.2 0.0 −0.1 1.2 1.2
Monetary aggregate M2X
(broad money)
14.6 15.0 0.8 0.8 2.0 2.8

* adjusted for foreign currency revaluation.

Contribution of the M2X counterparts to the annual growth rate of M2X, p.p.

Fig. 2

Created with Highcharts 10.3.32016201720182019202020212022202320242025-20-10010203040-20-10010203040
Revaluation, other assets and liabilities
Funds in escrow accounts
Credit institutions net foreign assets*
Bank of Russia net foreign assets*
Net claims on general government*
Claims on households*
Claims on organisations*
M2X (YoY, %)

* adjusted for foreign currency revaluation.

Annual growth rate* of claims on economy, %

Fig. 3

Created with Highcharts 10.3.32016201720182019202020212022202320242025-10-5051015202530-10-5051015202530
Claims on organisations
Claims on households
Claims on the economy

* adjusted for foreign currency revaluation.

Net claims on general government and federal budget balance, trln rubles

Fig. 4

Created with Highcharts 10.3.32019202020212022202320242025-5-2.502.557.5-6-4-2024
Net claims on general government (monthly growth, left axis)
Federal budget balance (per month, right axis)
Department responsible for publication: Statistics Department
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Last updated on: 22.07.2025