Summary Methodology Monetary base (broad definition), Monetary base (narrow definition)

Monetary base (broad definition)

The monetary base (broad definition) comprises:

• cash, including cash balances in bank vaults (excluding cash in Bank of Russia vaults, ATMs and in transit, as well as precious metal coins in circulation);
• funds in the required reserve accounts deposited by the Russian Federation resident credit institutions with the Bank of Russia in national currency of the Russian Federation;
• funds in the Russian Federation resident credit institutions’ correspondent accounts denominated in rubles (including averaged amount of the required reserves);
• deposit accounts with the Bank of Russia;
• credit institutions’ investments in the Bank of Russia bonds at market value.

Monetary base (narrow definition)

The monetary base (narrow definition) comprises:

• cash, including cash balances in bank vaults (excluding cash in Bank of Russia vaults, ATMs and in transit, as well as precious metal coins in circulation);
• funds in the required reserve accounts deposited by the Russian Federation resident credit institutions with the Bank of Russia in national currency of the Russian Federation.

The source of information used in calculating the monetary base is data from the Bank of Russia consolidated balance sheet.

All elements of the monetary base are calculated in Russian national currency only.