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Monetary aggregates

July 2025

Last update: 21.08.2025


Data link:
Time Series. Monetary Aggregates
Depository Corporations Survey

As of August 1, 2025 the ruble money supply (M2) amounted to 120.0 trn rubles, which is lower than estimation published earlier, by 0.2 trn rubles. In July, the monetary aggregate M2 increased by 0.8%. Annual growth rate of monetary aggregate M2 remained at the level of the previous month and amounted to 15.0%. Annual growth rate of broad money M2X (adjusted for foreign currency revaluation) decreased to 12.7% (12.8% in June).

Tab. 1
Growth rate, %
Annual Monthly From the beginning
of the year

01.08.2025
trln rubles
01.07.2025 01.08.2025 01.07.2025 01.08.2025 01.07.2025 01.08.2025
Monetary aggregate M0 16.9 0.0 0.9 1.2 1.4 -3.3 -1.9
Monetary aggregate M1 52.5 4.2 2.8 2.0 0.2 1.3 1.6
Monetary aggregate M2 120.0 15.0 15.0 0.7 0.8 1.6 2.4
Monetary aggregate M2X
(broad money)
132.3 11.9 12.1 0.6 1.2 -0.4 0.9
Monetary aggregate M2X*
(broad money)
12.8 12.7 0.6 0.8 2.1 3.0

* adjusted for foreign currency revaluation.

Annual growth rate of monetary aggregates, %

Fig. 1

* adjusted for foreign currency revaluation.

Counterparts of the broad money

Claims on economy. The contribution of banking system claims on organisations and households to the growth of M2X (adjusted for foreign currency revaluation) continued to be decisive, although it has been gradually declining in recent months. In July 2025, the annual contribution of the banking system claims on the economy amounted to 13.7 trn rubles, which is lower than month before (14.4 trn rubles). This growth was provided entirely by an increase in claims on organisations by 14.1 trn rubles, as the claims on households decreased by 0.4 trn rubles.

Net claims on general government. In July 2025 positive contribution of budgetary operations to broad money M2X annual growth continued to increase and amounted to 5.6 trn rubles (4.7 trn rubles in June). The monthly growth of net claims in July 2025 (0.3 trn rubles) was lower than in the previous month (0.6 trn rubles in June).

Net foreign assets. The contribution of net foreign assets of the banking system to M2X annual growth decreased to 0.2 trn rubles (0.8 trn rubles in June).

Tab. 2
Growth for the period, trln rubles*
Annual Monthly From the beginning
of the year

01.08.2025
trln rubles
01.07.2025 01.08.2025 01.07.2025 01.08.2025 01.07.2025 01.08.2025
Claims on organisations 111 14.4 14.1 0.7 1.7 4.3 6.1
Claims on households 38.8 0.0 -0.4 0.0 -0.1 0.0 -0.1
Net claims on general government -0.1 4.7 5.6 0.6 0.3 0.7 1.1
Bank of Russia net foreign assets 53.3 1.0 0.3 0.6 -0.5 2.0 1.4
Credit institutions net foreign assets 6.1 -0.2 -0.1 -0.1 0.1 1.1 1.3
Monetary aggregate M2X
(broad money)
15.0 15.0 0.8 1.1 2.8 3.9

* adjusted for foreign currency revaluation.

Contribution of the M2X counterparts to the annual growth rate of M2X, p.p.

Fig. 2

* adjusted for foreign currency revaluation.

Annual growth rate* of claims on economy, %

Fig. 3

* adjusted for foreign currency revaluation.

Net claims on general government and federal budget balance, trln rubles

Fig. 4

Department responsible for publication: Statistics Department
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Last updated on: 21.08.2025