Russia: Digital Ruble Fee Waiver Extended — Credit Growth Picks Up in October
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Bank of Russia extends fee-free period for digital ruble transactions
The Bank of Russia has extended the fee-free period for corporate digital-ruble transactions until the end of 2026. During this extension, companies will not be charged fees for conducting transactions in digital rubles. The central bank said that, after the expiry of the waiver, minimum market fees will be applied in line with the tariff schedule published on its website.
The Bank reiterated that digital-ruble services for individuals will remain fee-free in perpetuity; users may also open or close accounts on the Digital Ruble Platform at no cost. It reminded market participants that major banks and their large corporate clients are expected to offer digital-ruble payment options to individuals and businesses from 1 September 2026.
Credit to the economy accelerates notably in October
Credit growth accelerated in October, with total credit to the economy rising 1.8% month-on-month, up from +0.6% in September. The increase was driven mainly by corporate lending, particularly long-term ruble loans. Household borrowing expanded more moderately, supported chiefly by mortgage lending amid softer market rates in that segment.
Broad money (M2) rose 1.7% in October, broadly matching credit growth. Cash in circulation continued to climb, while households’ ruble time deposits made a slightly larger contribution to money-supply growth—consistent with depositors seeking to lock in modestly higher short-term deposit yields following key rate decisions in September–October.
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