Broad money supply and credit growth slow in June
Growth of Russia's broad money supply slowed to 0.4 percent in June, while credit to the economy moderated to 0.3 percent, according to Central Bank of Russia data. Annual broad money growth dipped slightly to 12.9 percent.
Corporate lending cools as broad money decelerates
Broad money supply (M2X) growth slowed to 0.4 percent in June, down from 1.2 percent in May, bringing the total volume to 147.4 trillion rubles and the annual growth rate to 12.9 percent.
Credit to the economy expanded by just 0.3 percent during the month, a sharp drop from 1.3 percent in May, leaving annual credit growth essentially unchanged at 9.9 percent with a total volume of 161.5 trillion rubles.
The deceleration was driven primarily by corporate requirements, which grew by only 0.1 percent compared to 1.5 percent in May.
Meanwhile, household credit accelerated to 0.9 percent monthly growth, fueled by strong demand for mortgages ahead of anticipated changes to subsidized lending programs.
Household deposits rebound and cash share holds low
Household ruble deposits rebounded with 0.6 percent growth in June following a decline in the previous month, with term deposits accounting for 68.6 percent of the total structure.
Cash in circulation (M0) maintained a monthly growth rate of 2.1 percent, keeping the cash share at 14.7 percent, which remains close to historical lows.
Corporate ruble deposits rose 0.9 percent, supported by current accounts, while foreign currency deposits contracted by 5.2 percent over the month.
Cooling momentum or strategic pause?
The sharp slowdown in corporate lending signals that tighter monetary conditions are finally taking firm root in the real economy.
At the same time, resilient household borrowing points to persistent consumer demand despite borrowing costs.
Whether this deceleration marks a permanent cooling trend will depend entirely on upcoming central bank policy decisions.