The Central Bank of Russia reported slower growth in broad money supply (M2X) and credit to the economy in September. Annual M2X growth fell to 11.3%, while the slowdown in monthly money supply growth mainly reflected a decline in corporate deposits. Growth in credit to the economy eased from August to an annualized rate of 9.9%. Credit to the economy and fiscal transactions remained the main drivers of money supply growth.
Central Bank of Russia reports annual broad money growth slowing to 11.3% in September
The Central Bank of Russia’s September data show annual broad money supply (M2X) growth easing to 11.3%, with declining corporate deposits driving the monthly slowdown. Credit growth also slowed to an annualized rate of 9.9%. Credit to the economy and fiscal transactions continued to drive money supply growth.