The Bank of Russia announced on May 28 that the broad money supply (M2X) increased by 1.2 percent in April, mainly due to growth in household ruble deposits.
The annual growth rate of M2X reached 12.5 percent in April, up from 12.2 percent in March. The annual growth rate for credit to the economy also rose, reaching 9.4 percent compared to 9.0 percent a month earlier.
“Credit to the economy remains the major driver of money supply. The fiscal sector’s contribution to the increase in money supply continues to be positive,” according to the Bank of Russia.
According to the official website, the Bank of Russia documented cash in circulation reaching 18.6 trillion rubles as part of its currency management and serves as the sole issuer of the Russian ruble while managing national cash circulation. The institution operates as a legally independent entity with federal property and exercises monetary authority apart from other government bodies. Its leadership includes a governor and deputy governors alongside specialized departments, aiming to promote financial and price stability while fostering a competitive financial market.
More detailed information is available in the material Monetary Aggregates and Credit to the Economy published by the Bank.
