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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 December 2022 the annual growth of all monetary aggregates increased and amounted:

  • М0 — 16,9% (in December 2022 — 5,4%)
  • М1 — 22,2% (in December 2022 — 13,3%)
  • М2 — 24,4% (in December 2022 — 13,0%)
  • Broad money — 13,1% (in December 2022 — 11,3%)

01.01.2023
bln rbls

Monthly growth, bln rbls Annual growth, %
01.11.2022 01.12.2022 01.01.2023 01.11.2022 01.12.2022 01.01.2023
Monetary aggregate М0 15 436 495 70 695 12,7 13,8 16,9  
Transferable deposits in rubles 28 583 227 91 1 838 28,3 23,9 25,3  
Monetary aggregate М1 44 018 721 162 2 534 22,3 20,1 22,2  
Other deposits in rubles 38 370 -182 1 075 2 981 27 27,4 26,9  
Monetary aggregate М2 82 388 540 1 237 5 515 24,4 23,4 24,4  
Other deposits in foreign currency 12 323 -22 -95 1 403 -35,6 -39,3 -29,6  
Certificates of deposit and savings certificates 5 0 0 0 -21,6 -20,9 -18,7
Broad money 94 715 518 1 142 6 918 11,2 9,3 13,1

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

In December 2022 there was a seasonal increase in money supply. The monthly growth of monetary aggregate М2 (+ 5.5 trln rbls) was caused by the increase in transferable deposits (+ 1.8 trln rbls) and other (time) deposits in rubles (+ 3.0 trln rbls).

Against the background of exchange rate dynamics, other deposits in foreign currency increased (+1.4 trillion 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.

01.01.2023
bln rbls

Monthly growth, bln rbls Annual growth, %
01.11.2022 01.12.2022 01.01.2023 01.11.2022 01.12.2022 01.01.2023
Deposits — total 79 275 23 1 072 6 222 10,9 8,5 12,4
Transferable deposits of households in rubles 14 015 144 378 2 062 4,8 8,4 18  
Other deposits of households in rubles 20 277 -55 64 697 20,4 19,6 18,1  
Deposits of households in foreign currency 3 807 25 -67 428 -47,3 -50 -43,3  
Transferable deposits of nonfinancial organizations in rubles 13 645 35 -396 -222 57,6 40,6 32,8  
Other deposits of nonfinancial organizations in rubles 15 233 -128 950 2 076 38 40,3 41,3  
Deposits of nonfinancial organizations in foreign currency 8 197 -42 -74 971 -27,9 -32,6 -20,5
Transferable deposits of other financial institutions in rubles 922 48 109 -1 19,5 31,6 41,6  
Other deposits of other financial institutions in rubles 2 860 1 61 208 32,1 31,5 24,5  
Deposits of other financial institutions in foreign currency 318 -5 46 4 -37,5 -37,4 -34

Household deposits in rubles increased by 2.8 trillion rubles, mainly due to the growth of transferable deposits of households (+2.1 trillion rubles).

Deposits of nonfinancial organizations in rubles rose by 1.9 trillion rubles, of which other (time) deposits increased by 2.1 trillion rubles.

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

In December 2022 the annual growth rate of deposits in rubles and foreign currency increased and amounted to 12.4% and was still largely provided by deposits of nonfinancial organizations in rubles (+11.1 p.p.).

Contribution of other (time) deposits of households in rubles to the annual growth rate of total deposits reduced and amounted to 4.4 p.p. (in comparison with November — 4.8 p.p.), while contribution of transferable deposits of households rose to 3 p.p. (in comparison with November — 1.4 p.p.) .

Deposits dollarization, %

In December 2022 dollarization of total deposits slightly increased (+0.6 p.p.) and amounted to 15.5%.

Dollarization of households deposits amounted to 10.0% in December 2022 (in November — 9.7%), dollarization of nonfinancial organizations — to 22.1% (in November — 21.1%), other financial institutions — to 7.8% (in October — 8.1%).

Department responsible for publication: Statistics Department
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Last updated on: 01.02.2023