Demand for cash almost quadrupled year-on-year in July – Kommersant
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The volume of cash in circulation in July amounted to 388.7 billion rubles, which is four times more than in the same period in 2022. The indicator fell slightly compared to June, but then atypical demand was explained by the rebellion of the private military company Wagner, because of which the Russians removed 100 billion rubles
statistics publishes Central Bank. In January-June, the volume of cash in circulation increased by 1.48 trillion rubles, taking into account July – by about 1.9 trillion rubles. For the whole of 2022, growth amounted to 2.24 trillion rubles.
Interviewed RBC experts suggested that the atypical growth in demand for cash is associated with the holiday season “in the new reality” and cash settlements in new regions. Thus, Sofya Donets, an economist for Russia and the CIS at the Renaissance Capital investment company, and Yegor Krivosheya, head of the blockchain and fintech laboratory at the Skolkovo Management School, noted that tourists need cash to travel abroad due to difficulties under sanctions. Ms. Donets admits that another factor could be “the extended ‘aftertaste’ of the June events.” Egor Susin, Managing Director of Gazprombank Private Banking, believes that cash settlements in new regions are “more common”. However, in his opinion, there is an “atypical trend that is worth watching.”
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