the volume of cash rubles “on hand” exceeded 16 trillion rubles. – Kommersant

According to the results of the first half of the year, the volume of cash rubles “on hand” in Russians exceeded 16 trillion rubles for the first time. The agency reported “RIA News” with reference to data from the Bank of Russia. The head of the analytical department of the BKF bank, Maxim Osadchiy, claims that the annual growth rate of the cash reserve has become a record since April 2021.

“At the end of the first half of the year, on July 1, the stock of cash rubles held by Russians grew by 26.3% over the year, to 16 trillion rubles. This is the highest growth rate since April 1, 2021,” said Mr. Osadchy. According to him, this is due to the growth of federal budget expenditures and the financing of the budget deficit at the expense of the “printing press”.

The expert noted that the growth in the volume of cash rubles from the population increases inflationary risks, while an increase in the key rate leads to an increase in interest rates on deposits in rubles and reduces the growth rate of the cash reserve.

In July, the Bank of Russia raised the key rate for the first time since last September to 8.5% per annum. Deputy Chairman of the Central Bank Alexei Zabotkin allowedthat the key rate may be raised already at the next meeting of the board of directors – September 15.

Anastasia Larina