The Central Bank of Russia published updated credit and monetary aggregates showing that monthly credit growth to the economy slowed to 1.5% in November 2025 from 1.8% in October, alongside a deceleration in broad money growth to 1.3% from 1.7%. The easing in credit growth was driven mainly by weaker corporate lending. Household borrowing rose moderately, primarily due to mortgage lending. Household ruble deposit balances edged down compared with October, contributing to a slowdown in annual growth of the money supply in the national definition.
Central Bank of Russia 2025-12-22
Central Bank of Russia reports November 2025 credit growth easing to 1.5% and broad money growth to 1.3%
The Central Bank of Russia reported a slowdown in monthly credit growth to 1.5% in November 2025 from 1.8% in October, with broad money growth also decelerating to 1.3% from 1.7%. The easing was mainly due to weaker corporate lending, while household borrowing increased moderately, driven by mortgage lending. Household ruble deposit balances decreased, impacting the annual growth of the money supply.