Russia's money supply growth reached 13.2% in June as the M2 stock hit a record high

The Central Bank of Russia said in data published on Friday 31 July 2026 that the country's M2 money supply grew 13.2% in June 2026 from June a year earlier. Annual growth was 13.0% in May, meaning Russian money supply growth has now accelerated for a second consecutive month.

According to the same data, the M2 stock reached 134,487.2 billion roubles in June, up from 133,633.8 billion roubles the previous month, the highest level recorded since the series began in 1992. Russia's M2 measure comprises M1 plus short-term time deposits at banks.

The figures come as the Central Bank of Russia cut its policy interest rate to 14.0% in July 2026 from 14.25%, and as the country's foreign exchange reserves fell to $720.447 billion in June from $747.395 billion. Russia is one of Iran's principal competitors in the Asian crude market and one of the largest economies under sanctions; the combination of rate cuts and accelerating money supply growth is among the variables shaping the rouble's path.