Summary Methodology Money Supply (National Definition), M2

Money supply (M2) —  is the total amount of currency outside the banking system and deposits of Russian Federation residents (non-financial corporations, other financial corporations, households) with the banking system of the Russian Federation in rubles.

Currency outside banking system (M0 monetary aggregate) — is currency in circulation issued by the Bank of Russia less currency held in cash vaults of the Bank of Russia and credit institutions.

Transferable deposits — are Russian Federation residents’ funds (legal entities and households) in settlement, current and other demand accounts (including banks’ card payment accounts) opened with the Bank of Russia and operating credit institutions in rubles.

M1 monetary aggregate — part of M2 monetary aggregate. M1 is a sum of cash in circulation (M0) and transferable deposits.

Other deposits — are Russian Federation residents’ funds (legal entities and households) in term deposits and other funds held in national currency, settlement, current and other demand accounts, deposits in foreign-currency and in precious metals, including accrued interest on the deposits opened with the Bank of Russia and operating credit institutions.

Monetary aggregates M1 and M2 do not include deposits in credit institutions with revoked licenses.