The Central Bank of Russia published updated monetary aggregates and credit data showing that broad money (M2X) decreased by 1.0% in March, driven by a reduction in organisations’ deposits linked to tax payments that were postponed from February to March. Annual growth of M2X decelerated from 12.4% in February to 12.2% in March, while annual growth of lending to the economy slowed from 9.6% to 8.9%. Credit to the economy remained the main driver of money supply, although the fiscal sector’s contribution to annual money supply growth increased in March.
Central Bank of Russia 2026-04-27
Central Bank of Russia reports a 1.0% March fall in broad money M2X and slower annual money and credit growth
The Central Bank of Russia reported that broad money (M2X) declined by 1.0% in March, mainly due to reduced organisational deposits linked to postponed tax payments. Annual M2X growth eased to 12.2% and lending growth to the economy slowed to 8.9%, with credit remaining the main driver of money supply while the fiscal sector’s contribution increased.