The National Bank announced today that the ruble's share of the average broad money supply increased to 68.8% in October, up from 64.2% a year earlier. As of November 1, the population's term deposits in rubles totaled 20.1 billion rubles.

The annual growth rate of the average ruble money supply was 30.9%, while the average broad money supply grew by 22.1%.

The faster-than-expected growth of the ruble money supply improves the composition of the money supply.

The ruble money supply is growing faster than the broad money supply—just like two vessels where one fills up faster, the ruble's share of the total volume increases.

In October, the population's term deposits in rubles increased by 604.8 million rubles, or 3.1%.

Citizens' ruble savings continued to grow in October.

Over the first ten months of 2026, these deposits increased by 5 billion rubles, or 32.8%.

A year earlier, the growth was 3.4 billion rubles, or 31.1%.

As of November 1, the share of term deposits in rubles among all population term deposits was 74.7%, compared to 65.9% a year earlier.

The National Bank attributes this trend to the ruble's increasing popularity as a savings currency, which supports the de-dollarization of the economy. """