The Central Bank of Russia reported that annual growth of the money supply in the national definition slowed by 1.8 percentage points to 10.6% at end-December. The slowdown was linked to a more even distribution of budget expenditures over 2025 and weaker corporate lending growth compared with October–November, while retail lending continued to expand at a moderate pace, primarily driven by mortgages. Further details are set out in the latest issue of Credit to the Economy and Money Supply.
Central Bank of Russia reports slower annual money supply growth to 10.6% in December
The Central Bank of Russia announced a slowdown in annual money supply growth to 10.6% by end-December, attributed to a more balanced distribution of budget expenditures and weaker corporate lending growth, despite moderate retail lending expansion driven by mortgages.