Russia's money supply rises 3.5% in April, share in cash continues to reach minimum - Central Bank

MOSCOW. June 3 (Interfax) - Russia's M2 money supply rose by nearly 3.512 trillion, or 3.5%, to about 103.107 trillion rubles in April 2024, according to information posted on the Central Bank website.

Year-on-year growth rose to 21.8% as on May 1 from 17.4% on April 1.

The CBR earlier in a commentary on operational data on dynamics of monetary aggregates, said that the shift in fulfilling April tax payments from the payment deadline on Sunday, April 28 to the first working day after the date on Thursday, May 2 heavily affected the growth in monetary aggregates in April, as well as the significant acceleration in the annual growth rates. The volume of payments, which reduce the money supply, was significant.

The money supply increased by 4.722 trillion rubles in January-April 2024, or 4.8%, from about 98.385 trillion rubles on January 1.

M0 cash supply in April grew by 115.9 billion rubles, or 0.7%, to about 16.738 trillion rubles.

The annual growth rate of cash decreased to 3.1% by May 1, 2024, the lowest since October 1, 2019, from 5.1% on April 1.

The share of cash in the money supply decreased to 16.2% on May 1, 2024, from 16.7% on April 1, with the indicator reaching the absolute minimum for the sixth consecutive month.

M2 money supply includes M1 money supply - cash in circulation outside the banking system and M0 money supply; and balances in the national currency on settlement, current, and other call accounts held by private individuals; and in accounts of non-financial and financial except lending organizations that are residents of the Russian Federation; and balances in the national currency on the accounts of fixed-term deposits and other funds attracted for a fixed period from individuals; and in the accounts of non-financial and financial except lending organizations that are residents of the Russian Federation.

The broad money supply includes all types of deposits in foreign currency, as well as deposit and savings certificates, in addition to the M2 money supply.