Broad money reaches 151 trillion rubles as growth slows
Russian broad money expanded by 1.0 percent in August to 151.0 trillion rubles, while annual growth moderated to 12.2 percent. Total credit to the economy reached 167.3 trillion rubles, with annual expansion slowing to 9.9 percent, according to Bank of Russia data.
Corporate deposits drive broad money gains
Broad money (M2X) increased by 1.5 trillion rubles month-on-month in August 2026 to reach 151.0 trillion rubles, driven primarily by an expansion in corporate deposits.
The M2 aggregate expanded by 1.0 percent to 137.1 trillion rubles, maintaining an annual growth rate of 12.8 percent.
Cash in circulation (M0) rose by 1.9 percent over the month to 20.7 trillion rubles, with cash representing 15.1 percent of the total ruble money supply.
Corporate ruble deposits accelerated sharply, growing by 2.2 percent month-on-month to 59.3 trillion rubles, led by transferable deposits of non-financial companies.
In contrast, household ruble deposits remained virtually stagnant with a 0.1 percent decline, as time deposits fell 0.3 percent.
Corporate borrowing outpaces retail lending
Total credit to the economy grew by 1.1 percent in August to 167.3 trillion rubles, matching the pace of the previous month after adjusting for one-off transaction structures.
However, annual credit growth decelerated from 10.6 percent in July to 9.9 percent.
Claims on organizations rose by 1.4 percent month-on-month, supported by 1.4 percent growth in corporate loans and a 0.5 percent increase in bank holdings of corporate bonds.
Retail credit growth remained steady at 0.5 percent on monthly mortgage demand, though annual household lending growth cooled to 6.0 percent.
Corporate cash masks retail fatigue
The figures reveal a clear split between resilient corporate borrowing and stalling household savings.
Annual credit growth falling below ten percent confirms that monetary policy constraints are biting.
Yet robust corporate deposits show that liquidity remains concentrated within company balance sheets.