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Subject. Transit of the monetary base into debt. Objectives. To characterize the transit of the monetary base into debt in modern Russia. Methods. General scientific and specialized economic-mathematical methods were applied. Results. A transition has been identified from substantial growth in the central bank’s net foreign assets to a significant increase in the banking system’s claims on other sectors and in the growth of domestic claims. Periodic excess of other items over the volume of the monetary base has been detected in the context of growing net foreign assets. In addition, a close relationship has been revealed between the growth trends of other items and deposits – which accounts for a considerable rise in debt securities issued by credit and other financial institutions exceeding the linear trend in the issuance of debt securities by non-financial organizations. It has been shown that minor changes in claims on credit institutions and other sectors transform into active growth in debt securities issued by public authorities and in net foreign assets – exceeding the linear growth trend of: ash currency outside the financial sector; securities (excluding shares); * loans and borrowings; insurance reserves of the banking system. Volatile growth in the relatively small volume of debt securities held by non-residents has also been identified. Conclusions. The conducted research guides monetary authorities towards an effective implementation of debt policy in modern Russia through a comprehensive approach to financial resource management and consideration of both internal and external environments.