Russia (Feb) money supply narrow def actual: 19.61T vs 19.49T previous

Russia (Feb) money supply narrow def actual: 19.61T vs 19.49T previous

Russia’s Narrow Money Supply Rises in February 2026

Russia’s narrow money supply (M1) increased to 19.61 trillion rubles in February 2026, up from 19.49 trillion rubles in January, according to the latest data. This 0.62% monthly growth reflects continued liquidity expansion in the economy, though the pace of growth has moderated compared to recent peaks.

M1, which includes cash in circulation and sight deposits, is a key indicator of short-term monetary conditions. The Central Bank of Russia (CBR) has historically used M1 to monitor inflationary pressures and assess the effectiveness of monetary policy. The February increase follows a record high of 55.914 trillion rubles in December 2025, suggesting a potential stabilization in the rate of money supply expansion.

Historically, Russia’s M1 has averaged 14.456 trillion rubles since 1995, with significant volatility observed during periods of economic restructuring. The current level remains well above the long-term average but marks a slight deceleration from the rapid growth seen in late 2025.

Economists note that the CBR’s policy adjustments, including interest rate decisions and foreign exchange interventions, have influenced money supply dynamics in recent years. However, the latest data indicate a more measured approach to liquidity management. Analysts will closely watch upcoming monetary policy reports, including the February 2023 report, for insights into the central bank’s strategy amid evolving economic conditions.

While the rise in M1 may signal accommodative monetary conditions, its broader implications for inflation and economic growth will depend on complementary indicators, such as consumer demand and exchange rate stability. Investors and policymakers alike are advised to monitor subsequent releases for clarity on Russia’s monetary trajectory.

Central Bank of Russia: Money Supply M1.
February 2023 Monetary Policy Report: February 2023 Report.