The structure of the money supply in modern Russia

Subject. Structural shifts in the system of monetary aggregates, loans, and their sources of formation. Objectives. To identify and describe the process of transformation of the liquidity formation model in the Russian economy. Methods. A two‑level analysis of monthly data was applied: static (mean, median, standard deviation, coefficient of variation, extreme values) and dynamic (seasonality, credit cycles). Results. An exponential growth pattern of monetary aggregates was identified, with a pronounced acceleration after 2020; at the same time, the growth rates of non‑cash components of monetary aggregates systematically outpaced the growth of cash. Increasing dedollarization was observed, reaching a historical minimum despite a short‑term shock rebound in 2022. A structural shift in the sources of money supply was recorded. The role of net foreign assets as the main source of money emission declined, while net claims on government bodies shifted from a negative (sterilizing) zone to a positive one in 2025, meaning that the state budget transformed from an absorber into a net provider of liquidity. A model of the new monetary and credit architecture was formulated; its key features include budgetary money emission, state support for lending, and high‑yield ruble deposits. Conclusions and Relevance. The novelty of the study lies in substantiating Russia’s transition to a sovereign monetary system model with a budgetary dominance; the findings will be useful to the academic community in diagnosing the monetary architecture. The results can be used by regulators and financial analysts in the fields of macroeconomics and monetary policy.