Published on: 2026-07-23
Source: Moscow Exchange –
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Russian retail investors earned 132.5 billion rubles on money market funds in the first half of 2026. The calculation includes all relevant exchange-traded and open-ended mutual funds (ETFs and OMFs). The income volume of money market fund holders in the first half of this year is 16.4% higher than the figure for the first half of 2025.
Managers of such funds daily place about 2.1 trillion rubles on the money market, and the number of private investors who have invested funds in this instrument on the Moscow Exchange has increased by 41% year-on-year to 2.9 million people.
The net inflow of investor funds into money market funds on the Moscow Exchange in the first half of 2026 amounted to over 58 billion rubles, compared to an outflow in the first half of 2025.
Dmitry Danilenko, Development Director of the Monetary Market at the Moscow Exchange:
“Money market funds offer an optimal balance of liquidity and yield, allowing capital to work in a risk-free segment even during periods of volatility. The money market yield has exceeded the key rate for the first time in a long while over the past few weeks. Previously, the spread between RUSFAR — the exchange money market index calculated by the Moscow Exchange — and the key rate was negative, but since the end of June 2026 it has been steadily positive, averaging 0.3% annually, providing a total average income of about 1 billion rubles per day. Such a prolonged excess of RUSFAR over the key rate has not been observed since the beginning of the Bank of Russia’s key rate reduction cycle. This has led to a net inflow into money market funds of more than 35% of the total inflow for the first half of 2026 in just less than July alone.”
Money Market The Moscow Exchange is one of the most important segments of the Russian financial market, through which financial companies, large, medium and small businesses, as well as individual investors manage cash liquidity. The list of money market instruments includes repos with the Central Counterparty, repos with the Clearing Statistical Unit, repos with the Bank of Russia, inter-dealer repos, deposits with the Central Counterparty, loans, as well as deposit and loan auctions.
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