Money supply
Cash outside banks in August 2026 barely changed, while broad aggregate M2 grew
In August 2026, M0 remained almost at the July level, while M2 added a noticeable amount. This divergence shows that money supply growth that month did not come through cash.
Money base down, M2 up: what this means for business
In July 2026, the money base declined from June, while M2 and M0 rose. We examine why end-of-month stocks do not provide an unambiguous signal about monetary conditions.
Azerbaijan's Money Supply: Broad Aggregate Grows More Slowly Than Narrow One
M3 at the end of July 2026 was 53,925.49 million manats, 13.1% more than a year earlier. Over the same year M2 added 19.6%, and this changes the meaning of the observation.
Cash Outside Banks Grows Slower Than Broad Money Supply
M0 and M2 stocks at end-July 2026 are at the maximums of the available series, but the annual growth of M2 noticeably outpaces the growth of cash outside banks.
Manat money supply has grown. But will loans become cheaper?
M2 grew by 19.6% year-on-year by the end of July. The CBA notes excess banking liquidity, but the September AZIR does not yet prove cheaper business loans.
Azerbaijan's M3 Money Supply Up 13.1% Year-on-Year
As of August 1, 2026, Azerbaijan's M3 money supply reached 53.925 billion manats, up 13.1% compared to the same period in 2025.
Russia's Monetary Base Grows 2.4% in July
Russia's broad monetary base increased by 729.2 billion rubles (2.4%) in July 2026 to 31.3 trillion rubles. Annual growth slowed to 9.0%.
Russia's Monetary Base Grows 0.74% in a Week
Russia's narrow monetary base reached 22,191.5 billion rubles as of August 7, up by 165.1 billion rubles over the week.
Azerbaijan's Money Supply Grows 9.2% Year-on-Year
Broad money supply (M3) in Azerbaijan reached 52.9 billion manats as of July 1, 2026, up 9.2% year-on-year.