The amount of cash in bank cash desks and ATMs for the first time exceeded 2 trillion rubles
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The volume of cash in bank cash desks, ATMs and in transit as of August 1 for the first time exceeded the level of 2 trillion rubles. From statistics The Bank of Russia follows that at the beginning of the month the volume of cash reached 2.07 trillion rubles. Over the month, cash balances increased immediately by 180.9 billion rubles, or by 9.6%.
As noted RBC, if we exclude the seasonal surge, which is recorded annually in early January, this is the maximum increase since September 2022. After the announcement of mobilization in Russia, the volume of money in cash desks and ATMs increased by 201.9 billion rubles. At the same time, over the current summer, the indicator has been growing for the second month in a row: in June, cash on banks’ balance sheets increased by 111.8 billion rubles, or 6.3%.
In total, according to the statistics of the Bank of Russia, since the beginning of 2023, the volume of cash and balances in cash desks and ATMs of Russian banks has grown by 24%, or by 404.3 billion rubles. In the first half of the year, the volume of cash increased by 9.1%, or by 1.5 trillion rubles.
According to Yuri Belikov, Managing Director of Expert RA, one of the reasons for the increase in cash balances is technical revaluation. Thus, due to the devaluation of the ruble against the dollar and the euro in July, funds in foreign currency grew in ruble terms. Andrey Barkhota, an independent analyst interviewed by RBC, agreed with the opinion of the managing director of Expert RA. He believes that the citizens of Russia, reacting to the growth of the exchange rate, could indeed bring foreign cash to the banks to be exchanged for rubles. According to Mr. Barkhota, in the period from June to July, the volume of exchange transactions could reach 100 billion rubles.
In the last ten days of August, Russian banks stepped up fight against the currency of unfriendly countries. For example, Raiffeisenbank, which suspended the acceptance of cash currency a month ago, has tightened the corresponding rules for non-cash accounts. Citibank has stopped accepting dollars and euros at its cash desks. At the same time, Sovcombank began selling cash currency of unfriendly countries at the rate of the Moscow Exchange without a premium, increasing the volume of supply.
About why banks are tightening the rules for accepting cash dollars and euros – in the material “Kommersant FM” “Currency pose obstacles”.
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