demand for cash in July led to an outflow of 0.4 trillion rubles from banks – Kommersant

The demand for cash led to an outflow of money from Russian banks in the amount of 0.4 trillion rubles. in July, the Central Bank said in an information and analytical commentary (.pdf).

“Demand for cash in July led to an outflow of 0.4 trillion rubles from banks. The Bank of Russia takes into account the dynamics of cash when determining the parameters of its main auctions with banks,” the Central Bank said in a comment.

“RIA Novosti” with reference to the data of the Bank of Russia reportedthat the volume of cash rubles in the hands of the Russians for the first half of the year exceeded 16 trillion rubles for the first time.

Earlier, the Central Bank reported that the amount of cash in circulation in July amounted to 388.7 billion rubles. And increased almost four times year on year. According to the Bank of Russia, in July the ruble weakened against the dollar by 2.3%. In early August, the dollar against the ruble began to rise sharply. Today, August 9, for the first time since March 2022, the dollar exchange rate exceeded 98 rubles, and the euro exchange rate – 107 rubles.

Erdni Kagaltynov