Russia's money supply falls 1.4%, annual growth rate declines to 9.7% in Jan - CBR

MOSCOW. Feb 19 (Interfax) - Russia's M2 money supply fell 1.4% or by 1.763 trillion rubles in January 2026 to 127.866 trillion rubles after increasing 3.9% in December, the Central Bank of Russia said on its website.

Year-on-year growth fell from 10.6% on January 1 to 9.7% as of February 1.

The broad M2X money supply decreased by 1.0% of 1.074 trillion rubles in January to 141.302 trillion rubles after rising 3.5% in December. Year-on-year growth fell to 11.0% from 12.0%.

Money supply growth slowed on weak corporate credit market activity and a lower contribution from budget transactions.

Cash supply (M0) fell in January, as usual, by 2.1% or 380 billion rubles to 17.854 trillion rubles after growing 4.3% in December. Year-on-year growth was 6.2% as of February 1, up from 5.6% on January 1.

The Central Bank said the contribution of banking system claims on corporations and households to the annual growth of M2X continued to be decisive. In January 2026, its annual contribution amounted to 13.7 trillion rubles, close to the previous month's 13.8 trillion rubles.

Claims on corporations and households increased by 12.1 trillion rubles and 1.6 trillion rubles respectively, compared with 12.7 trillion rubles and 1.1 trillion rubles in December.

The contribution of claims on the economy to the monthly growth of M2X was negative (-0.8 trillion rubles) due to the decrease of claims on corporations by 1.1 trillion rubles, while claims on households increased by 0.3 trillion rubles, predominantly because of mortgage loans.

In January, net claims on general government demonstrated a seasonal decrease by 1.2 trillion rubles after growing by 3.7 trillion rubles in December. The annual contribution of budgetary operations to the growth of broad money M2X was lower than in the previous month at 3.5 trillion rubles versus 4.4 trillion rubles in December.

The contribution of net foreign assets of the banking system to annual growth of M2X in January decreased to 0.4 trillion rubles from 1.7 trillion rubles in December.

The M2 y aggregate includes M1, which is currency in circulation outside the banking system (M0) and balances in national currency in settlement, current and other demand accounts of households, non-financial and financial, excluding credit, organizations resident in Russia, and includes balances in national currency in fixed-term deposits and other funds raised for a fixed term of households, non-financial and financial, excluding credit, organizations resident in Russia.

The M2X broad money supply includes the M2 aggregate and all deposits in foreign currency, as well as deposit and savings certificates.