There is a demand for money – Newspaper Kommersant No. 182 (7383) dated 03.10.2022
[ad_1]
The partial mobilization announced on September 21 and the ensuing mass departure of citizens abroad caused an influx of people in banks who wanted to withdraw cash rubles and foreign currency. The situation is not yet as critical as at the end of February, however, the currency must be ordered in advance, and you can buy without it at the box office in isolated cases. Experts are confident that there is no shortage of foreign currency in the country, the problem is rather logistical and psychological.
In most bank branches, which Kommersant correspondents visited on Friday in different districts of Moscow, it was possible to order currency for withdrawal from the account. The waiting time, depending on the bank, is two to three days. You can withdraw funds from your own account if the currency was deposited on it before March 9. You need to order funds at the bank’s hotline.
At the same time, at Sberbank on Novoslobodskaya Street and at the RSHB on Dolgorukovskaya Street, it was possible immediately, without prior order, to withdraw currency from accounts and buy it. In a number of bank branches, you can also buy currency at the cash desk. In some departments, scoreboards with courses were turned off. In those branches where the board worked, they offered a purchase rate from 62.5 to 77.61 rubles. for $1 and from 65.5 to 77.63 rubles. for €1. (Exchange rates on Friday were 58.45 rubles/$ and 56.7 rubles/€.) At the same time, in general, there was an influx of customers in banks. Thus, significant excitement was observed in two branches of Freedom (in Moscow City and on Sadovaya-Karetnaya Street), in Sberbank (on Novoslobodskaya and in Moscow City). The queue at the cashier was at the VTB branch on Dolgorukovskaya Street.
29 September Bank of Russia extended for another six months restrictions on the withdrawal of money abroad. The restrictions will be in effect from October 1, 2022 to March 31, 2023. Citizens of the Russian Federation and friendly countries will still be able to transfer up to $1 million to any accounts in foreign banks within a month, and no more than $10,000 via money transfer systems (or the equivalent in another foreign currency). Up to $10,000 can be taken abroad in cash for each family member traveling abroad.
Since ads on partial mobilization on 21 September and subsequent followed by referendums in the DPR, LPR, parts of the Zaporozhye and Kherson regions on September 23-27 on joining Russia on the borders with Georgia and Kazakhstan lined up line of cars. There was an increase in the flow of people entering from the Russian Federation. According to the Ministry of Internal Affairs of Kazakhstan, from September 21, about 98 thousand Russians entered Kazakhstan, 64.2 thousand people left, to Georgia, according to the Ministry of Internal Affairs, from September 17 to 26, almost 80 thousand Russians entered, more than 62 thousand people left . On February 25, the Central Bank recorded a record-breaking daily jump in the growth of cash in circulation in the Russian Federation – 1.4 trillion rubles. This is the maximum since March 4, when the figure rose by 151.5 billion rubles. At the same time, there is no data on cash withdrawals. Banks on Friday evening did not respond to Kommersant’s requests.
Excessive demand for cash rubles and foreign currency will last no more than a month, experts believe.
The current problems are of a cash and logistical nature (roughly speaking, they do not have time to deliver the currency) and are associated with three factors. Firstly, citizens always stock up on cash during stressful periods, and now people are extremely worried, explains Alexei Tarapovsky, founder of Anderida Financial Group. Secondly, the number of those leaving goes to hundreds of thousands, these people need money to live, the expert continues. Thirdly, according to him, the population still suffers from financial illiteracy and is unfamiliar with the possibility of civilly opening a bank account in any of the friendly countries of the EurAsEC and transferring both currency and rubles there. Be that as it may, such surges historically do not last longer than two or three weeks, Mr. Tarapovsky concludes.
Despite the ban on the import of foreign cash into Russia, there is no shortage of it in the country, says investment strategist at Alor Broker Pavel Verevkin. The public has traditionally held tens of billions of dollars in cash and safe deposit boxes, banks had ample reserves and brought in additional cash just prior to the ban, he explains. “Let’s add here the ability to non-publicly import foreign currency through almost all neighboring countries, except for the EU and Ukraine, as well as the restriction on withdrawing more than $10,000 from an account,” concludes Alexey Tarapovsky.
[ad_2]
Source link
