Russia's money supply rose 1.2% in July - Central Bank

MOSCOW. Aug 7 (Interfax) - Russia's M2 money supply grew 1.2% in July to 104.8 trillion rubles after rising 1.0% in June, according to preliminary data posted on the Central Bank website.

Year-on-year growth was 18.7% as of August 1, as a month earlier, and 18.9% on June 1.

Broad money supply adjusted for forex revaluation rose 1.3% in July and 0.4% in June. Growth in annual terms quickened to 16.0% from 15.9% a month earlier and 16.4% as of June 1.

The Central Bank said household deposits in rubles continue to make the main contribution to the annual growth rate of broad money supply (M2X aggregate) - as of August 1, this was 11.4 pp, while the corporate deposits in rubles contributed 5.1 pp.

The contribution of cash supply (M0) to the annual growth rate supply remained negative.

High interest rates on bank deposits continued to support household demand for term ruble deposits. The annual growth rate of term household deposits in July reached another all-time high of 48.2% compared with 47.7% in June, although the monthly growth in July was the lowest since July 2023.

Cash supply (M0) rose 0.5% in July 2024 after falling 0.3% in June. It grew 1.9% in July 2023. M0 fell 2.7% year-on-year as of August 1 and 1.3% as of July 1.