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 June 2022 the annual growth of M2 and its main components increased:
- cash in circulation (М0) — to 4,0% (in May 2022 — 3,8%).
- monetary aggregate М1 — to 8,0% (in May 2022 — 4,3%).
- monetary aggregate M2 — to 16,8% ( in May 2022 — 16,6%).
The annual growth rate of broad money, by contrast, continued to decline and amounted to 6,2% (in May 2022 — 8,6%).
01.07.2022 | Прирост за месяц, млрд руб. | Годовой темп прироста, % | |||||||
млрд руб. | 01.05.2022 | 01.06.2022 | 01.07.2022 | 01.05.2022 | 01.06.2022 | 01.07.2022 | |||
Денежный агрегат М0 | 13 293 | -316 | -285 | 60 | 5,1 | 3,8 | 4,0 | ||
Переводные депозиты в рублях | 23 165 | -287 | 736 | 1 678 | 2,9 | 4,7 | 10,5 | ||
Денежный агрегат М1 | 36 458 | -603 | 451 | 1 738 | 3,8 | 4,3 | 8,0 | ||
Другие депозиты в рублях | 33 165 | 875 | 67 | -1 108 | 30,7 | 32,2 | 28,4 | ||
Денежный агрегат М2 | 69 623 | 272 | 518 | 630 | 15,7 | 16,6 | 16,8 | ||
Другие депозиты в иностранной валюте | 11 173 | -2 072 | -1 286 | -2 755 | -10,8 | -18,7 | -32,1 | ||
Депозитные и сберегательные сертификаты | 5 | 0 | 0 | 0 | -32,5 | -27,6 | -22,6 | ||
Широкая денежная масса | 80 802 | -1 801 | -768 | -2 125 | 9,7 | 8,6 | 6,2 |
Sources: consolidated Balance Sheet of operating credit institutions, the Bank of Russia Balance Sheet.
In June 2022, a significant positive monthly growth of 1,7 trln rbls of transferable deposits affected the increase of monetary aggregate M2 (by 630 bln rbls). At the same time, other (time) deposits declined by 1,1 trln rbls.
Against the background of exchange rate dynamics, other deposits in foreign currency significantly decreased by 2,8 trln rbls. As a result, broad money declined by 2,1 trln rbls in June 2022.
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 Q1 2022 was made by the sector of other financial institutions and nonfinancial organizations.
As of 1 April 2022 the contribution of other financial institutions and nonfinancial organizations to the annual growth of broad money (13,4%) accounted 9,9 percentage point.
The role of households* in broad money growth slightly decreased in comparison with Q4 2021.
As of 1 April 2022 the contribution of households in broad money annual growth reduced to 3,5 percentage point.
* The household sector includes individuals and individual entrepreneurs.
01.07.2022 | Прирост за месяц, млрд руб. | Годовой темп прироста, % | |||||||
млрд руб. | 01.05.2022 | 01.06.2022 | 01.07.2022 | 01.05.2022 | 01.06.2022 | 01.07.2022 | |||
Депозиты — всего | 67 504 | -1 484 | -483 | -2 185 | 10,7 | 9,6 | 6,7 | ||
Переводные депозиты населения в рублях | 10 209 | 291 | 2 | 1 366 | -19,4 | -17,5 | -6,4 | ||
Другие депозиты населения в рублях | 20 198 | 1 007 | 254 | -883 | 29,3 | 32,6 | 28,0 | ||
Депозиты населения в иностранной валюте | 3 708 | -923 | -407 | -879 | -24,4 | -30,1 | -43,2 | ||
Переводные депозиты других финансовых и нефинансовых организаций в рублях | 12 956 | -578 | 734 | 311 | 29,5 | 28,9 | 28,7 | ||
Другие депозиты других финансовых и нефинансовых организаций в рублях | 12 967 | -132 | -187 | -225 | 32,9 | 31,7 | 29,0 | ||
Депозиты других финансовых и нефинансовых организаций в иностранной валюте | 7 466 | -1 149 | -879 | -1 876 | -2,2 | -11,6 | -24,8 |
In June 2022, monthly growth of total transferable deposits was provided by transferable deposits of households (+1,4 trln rbls), which was the largest monthly increase in previous years.
Monthly growth of transferable deposits of other financial institutions and nonfinancial organizations was less and amounted to 311 bln rbls.
Monthly decline of other (time) deposits in rubles was mainly provided by households (-883 bln rbls) and to a lesser extent by other financial institutions and nonfinancial organizations (-225 bln rbls).
Contribution to the annual growth rate of deposits (all types of deposits by sectors), %
In June 2022, the annual growth rate of deposits in rubles and foreign currency continued to decline to 6,7% (in May 2022 — 9,6%).
A negative contribution to the dynamics of annual growth rates of deposits was made by households deposits in foreign currency (-4,5 p.p.) and deposits of other financial institutions and nonfinancial organizations in foreign currency (-3,9 p.p.).
At the same time, other households deposits contribution to the annual growth rate of total deposits increased to 7,0 p.p.
The contribution of ruble deposits of organizations slightly declined but remained at the high level (9,2 p.p.).
Deposits dollarization, %
As of 1 July 2022, dollarization of total deposits continued to decline to 19,5% (minimum since 2015).
The similar minimum indicators were observed for households deposits dollarisation (10,9%) and deposits of other financial institutions and nonfinancial organizations (21,8%).