The Central Bank of Russia reported that annual growth of the money supply in the national definition slowed by 1.8 percentage points to 10.6% at end-December. The slowdown was linked to a more even distribution of budget expenditures over 2025 and weaker corporate lending growth compared with October–November, while retail lending continued to expand at a moderate pace, primarily driven by mortgages. Further details are set out in the latest issue of Credit to the Economy and Money Supply.
Central Bank of Russia 2026-01-29
Central Bank of Russia reports slower annual money supply growth to 10.6% in December
The Central Bank of Russia announced a slowdown in annual money supply growth to 10.6% by end-December, attributed to a more balanced distribution of budget expenditures and weaker corporate lending growth, despite moderate retail lending expansion driven by mortgages.