• 12 Neglinnaya Street, Moscow, 107016 Russia
  • 8 800 300-30-00
  • www.cbr.ru
What do you want to find?

Monetary aggregates

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 (legal entities 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 (legal entities 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 (legal entities 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.

Annual growth rate of monetary aggregates, %

In November 2022 the annual growth rate of monetary aggregate M2 decreased from 24.4 to 23.4%.

The annual growth rate of monetary aggregate М1 also decreased and amounted to 20.1% (in October — 22.3%).

At the same time currency in circulation (monetary aggregate M0) continued to increase and amounted to 13.8% (in October — 12.7%).

As a result the annual growth of the broad money supply decreased from 11.2 to 9.3%.

01.12.2022
bln rbls

Monthly growth, bln rbls Annual growth, %
01.10.2022 01.11.2022 01.12.2022 01.10.2022 01.11.2022 01.12.2022
Monetary aggregate М0 14 740 693 495 71 8,3 12,7 13,8  
Transferable deposits in rubles 26 744 893 227 91 26,7 28,3 23,9  
Monetary aggregate М1 41 485 1 586 721 162 19,6 22,3 20,1  
Other deposits in rubles 35 389 178 -182 1 075 29,4 27 27,4  
Monetary aggregate М2 76 873 1 764 540 1 237 23,9 24,4 23,4  
Other deposits in foreign currency 10 920 -1 319 -22 -95 -37,5 -35,6 -39,3  
Certificates of deposit and savings certificates 5 0 0 0 -29,4 -21,3 -21,7
Broad money 87 798 445 518 1 142 10 11,2 9,3

Sources: consolidated Balance Sheet of operating credit institutions, the Bank of Russia Balance Sheet.

In November 2022 the monthly growth of monetary aggregate М2 (+ 1.2 trln rbls) was primarily driven by the increase in other (time) deposits in rubles (+ 1.1 trln rbls).

Other deposits in foreign currency in November 2022 decreased slightly (-95 billion rbls)

The contribution of money-holding sectors to the annual growth rate of broad money, %

The largest contribution to the annual growth rate of broad money in Q3 2022 was made by the sector of nonfinancial organizations (as in Q2 2022). This sector contributed 7.2 p.p. of the 10.0% annual growth rate of broad money in Q3 2022.

The role of households* in broad money growth also increased in comparison with Q2 2022. The contribution of households in broad money annual growth rose to 2,3 p.p. in comparison with 1,8 p.p. as of Q2 2022.


*  The household sector includes individuals and individual entrepreneurs.

01.12.2022
bln rbls

Monthly growth, bln rbls Annual growth, %
01.10.2022 01.11.2022 01.12.2022 01.10.2022 01.11.2022 01.12.2022
Deposits — total 73 053 -248 23 1 072 10,4 10,9 8,5
Transferable deposits of households in rubles 11 954 518 144 378 3,3 4,8 8,4  
Other deposits of households in rubles 19 580 -640 -55 64 21,9 20,4 19,6  
Deposits of households in foreign currency 3 379 -600 25 -67 -48,7 -47,3 -50  
Transferable deposits of nonfinancial organizations in rubles 13 868 640 35 -396 54,9 57,6 40,6  
Other deposits of nonfinancial organizations in rubles 13 157 555 -128 950 43,4 38 40,3  
Deposits of nonfinancial organizations in foreign currency 7 226 -680 -42 -74 -30,1 -27,9 -32,6
Transferable deposits of other financial institutions in rubles 923 -266 48 109 27,2 19,5 31,6  
Other deposits of other financial institutions in rubles 2 651 262 1 61 28,7 32,1 31,5  
Deposits of other financial institutions in foreign currency 314 -39 -5 46 -45,2 -37,5 -37,4
The total monthly increase of deposits in rubles and foreign currency in November 2022 (+1.1 trln rbls) was fully supported by growth of other (time) deposits (+1.1 trln rbls).

The growth of transferable deposits of households in rubles increased and amounted to 378 billion rubles.

Deposits of nonfinancial organizations in rubles rose by 480 billion rubles due to an increase in other (time) deposits by 950 billion rubles and a reduction in transferable deposits by 396 billion rubles.

Contribution to the annual growth rate of deposits (all types of deposits by sectors), %

In November 2022 the annual growth rate of deposits in rubles and foreign currency decreased by 2.4 p.p. and amounted to 8.5%.

The annual growth rate of deposits in rubles was still largely provided by deposits of nonfinancial organizations (+11.6 p.p.).

Contribution of other (time) deposits of households in rubles to the annual growth rate of total deposits continued to reduce and amounted to 4.8 p.p.(in comparison to October — 5.1 p.p.).

Deposits dollarization, %

In November 2022 dollarization of total deposits continued to decrease (-0.4 p.p.) and amounted to 14.9% (the lowest level since 2015).

Dollarization of households deposits amounted to 9.7% in November 2022 (in October — 10.0%), dollarization of nonfinancial organizations — to 21.1% (in October — 21.6%), other financial institutions — to 8.1% (in October — 7.3%).

Department responsible for publication: Statistics Department
Was this page useful?
Last updated on: 30.12.2022