The Central Bank of Russia published a new issue of its Financial Market Risks Review reporting that retail investors became more active in the bond market in 2025, when bond returns were among the highest by year-end. Individuals purchased federal government bonds (OFZ) and corporate bonds worth a record RUB 490 billion and RUB 1.26 trillion, respectively. Bond buying exceeded 2024 levels of RUB 196 billion for OFZ and RUB 551 billion for corporate bonds. Retail investors were also the major buyers of shares in the secondary market, with net purchases totalling RUB 142 billion, while household foreign-currency purchases were broadly unchanged at RUB 1.12 trillion; other fast-growing assets were gold, ruble deposits and money market funds, with the lowest returns coming from foreign-currency deposits and cryptocurrencies.
Central Bank of Russia 2026-02-06
Central Bank of Russia reports retail investors bought RUB 490 billion of OFZ and RUB 1.26 trillion of corporate bonds in 2025
The Central Bank of Russia's Financial Market Risks Review highlights a significant increase in retail investor activity in the bond market in 2025, with record purchases of federal government bonds (OFZ) and corporate bonds totaling RUB 490 billion and RUB 1.26 trillion, respectively. Retail investors also led net share purchases in the secondary market, while household foreign-currency purchases remained stable at RUB 1.12 trillion.