Russia's Monetary Base Grows 2.4% in July

Russia's broad monetary base increased by 729.2 billion rubles, or 2.4%, in July 2026, reaching 31 trillion 315.3 billion rubles. The data was published on the Bank of Russia's website.

In January-July 2026, the monetary base grew by 651.2 billion rubles, or 2.1%, from 30 trillion 664.1 billion rubles as of January 1.

The annual growth rate of the monetary base as of August 1 slowed to 9.0% after 14.7% as of July 1.

The volume of cash in the monetary base increased by 618.4 billion rubles, or 3.0%, in July, reaching 21 trillion 530.7 billion rubles.

In January-July 2026, the volume of cash increased by 2 trillion 81.0 billion rubles, or 10.7%, from 19 trillion 449.7 billion rubles at the beginning of the year.

Thus, the increase in cash in July accounted for 84.8% of the monthly increase in the monetary base, and their increase over seven months of the current year was 3.2 times higher than the base increase over that period.

Annual growth rates of cash as of August 1 stood at 19.7% (the highest since October 1, 2023) after 17.6% as of July 1.

At the same time, the share of cash in the monetary base increased to 68.8% in July from 68.4%.

In the monetary base, the volume of funds on correspondent accounts of credit institutions with the Central Bank of the Russian Federation decreased by 77.9 billion rubles, or 1.5%, to 5 trillion 250.2 billion rubles, while the volume of funds on deposits of credit institutions with the Central Bank increased by 188.7 billion rubles, or 5.0%, to 3 trillion 946.0 billion rubles.

The broad monetary base includes cash issued by the Bank of Russia (including balances in the vaults of credit institutions), balances on mandatory reserve accounts deposited by credit institutions with the Central Bank, funds on correspondent accounts of credit institutions and bank deposits placed with the Bank of Russia, investments of credit institutions in its bonds, as well as other obligations of the Central Bank for operations with credit institutions in national currency.

The dynamics of the broad monetary base characterize changes in the money supply formed by monetary authorities.