Money and credit growth slow in September
Broad money growth in Russia slowed to 0.1 percent in September from 0.9 percent in August, Bank of Russia data show. Credit growth eased to 0.6 percent from 1.1 percent amid moderately tight monetary conditions.
Corporate deposits restrain money growth
Broad money M2X reached 151.3 trillion rubles on October 1, 2026; annual growth eased to 11.3 percent from 11.8 percent.
Corporate deposit contraction drove the monthly slowdown.
M2 stood at 137.6 trillion rubles, up 13.3 percent annually.
Credit to the economy reached 168.5 trillion rubles, with annual growth easing to 9.9 percent from 10.0 percent.
Claims on companies rose 0.8 percent in September versus 1.3 percent in August; annual growth increased to 11.4 percent.
Banks' corporate debt securities holdings grew 2.2 percent versus 0.5 percent, the largest monthly increase of 2026, driven by securitized bond purchases.
Lending and fiscal operations remained the main sources of annual money growth, with unchanged contributions.
Households save while companies withdraw
Household ruble bank balances rose 0.4 percent: current accounts gained 0.6 percent and term deposits 0.2 percent.
Term deposits represented 68.1 percent of household ruble deposits; foreign-currency deposits continued declining.
Corporate ruble balances fell 0.7 percent, mainly through nonfinancial companies' current accounts.
Cash M0 growth slowed to 1.3 percent from 1.9 percent.
Cash accounted for 15.3 percent of ruble money, near late-2024 and early-2025 levels.
Annual growth in claims on households eased to 5.5 percent from 6.0 percent.
Flat claims mask borrowing
Claims on households were virtually unchanged, but bank debt including securitization rose 1.1 percent versus 0.9 percent in August.
Mortgages drove borrowing ahead of tighter Family Mortgage program terms.
Reported growth excludes revaluation and other changes in asset and liability volumes.