Broad money supply (M3) growth accelerated to 11.4% y/y in February from 9.9% in January and 8.5% in December, according to figures reported by the central bank today. But this was not as fast as a year earlier, when growth was 18.8%. Narrower monetary aggregates continued to grow at much higher speeds in February. M1 growth accelerated further to 22.1% y/y in February from 21.5% in January, while the growth of cash in circulation (M0) slowed a bit, to 28.5% in February from 29.6% in January.
M3 growth accelerated further on the back of a continuing FX deposit growth, up 7.4% y/y in February, faster than 4.7% in January and 3.8% in December. FX deposits also increased m/m over February, at the expense of both households and companies, to USD 11.5bn from USD 11.3bn a month earlier and USD 11.1bn two months earlier, the central bank’s breakdown shows. Rouble deposits also grew m/m in February, after decline in January.