03.08.2023, 11:55
Demand for cash in Russia in July turned out to be abnormal
Source: OREANDA-NEWS
OREANDA-NEWS In July, the volume of cash in circulation in Russia increased by 388.7 billion rubles, according to data from the Central Bank (CB).
The statistics of the Central Bank reflect the entire volume of cash put into circulation through cash desks and ATMs of banks, but the amount is close to the amount of cash withdrawals by the population and enterprises, since banks fill cash desks, focusing on customer demand.
The growth in the previous month turned out to be abnormal — in the same period of 2022, the indicator was four times less (97.7 billion rubles). Taking into account July, since the beginning of the year, the amount of cash in the hands of the population and businesses has reached almost 1.9 trillion rubles. At the same time, for the whole of last year, the figure was 2.24 trillion rubles, and a record increase was achieved in 2020 during the pandemic (2.87 trillion rubles).
In an interview with RBC, experts explain the atypical increase in demand for cash for July by a combination of factors: Russians' spending on vacations "in the new reality", an increase in cash payments in the regions annexed to Russia. A high outflow into cash has been observed for several months, and this is "not a completely normal situation," says Yegor Susin, Managing Director of Gazprombank Private Banking. According to him, there is an abnormal trend in the country now, which should be monitored and analyzed for its causes.
Analysts also attributed the jump to a residual phenomenon after the attempted mutiny of the Wagner PMCs in June. From June 23 to June 25, the volume of cash in circulation increased by 105.3 billion rubles. Such an increase turned out to be a record since September 22 and 23, 2022 — the first two days after the announcement of partial mobilization in the country.
Demand growth was recorded in 15 Russian regions, First Deputy Prime Minister Andrei Belousov said at a meeting with Prime Minister Mikhail Mishustin. In the Voronezh, Rostov and Lipetsk regions, the increase was 70-80 percent at once.
The statistics of the Central Bank reflect the entire volume of cash put into circulation through cash desks and ATMs of banks, but the amount is close to the amount of cash withdrawals by the population and enterprises, since banks fill cash desks, focusing on customer demand.
The growth in the previous month turned out to be abnormal — in the same period of 2022, the indicator was four times less (97.7 billion rubles). Taking into account July, since the beginning of the year, the amount of cash in the hands of the population and businesses has reached almost 1.9 trillion rubles. At the same time, for the whole of last year, the figure was 2.24 trillion rubles, and a record increase was achieved in 2020 during the pandemic (2.87 trillion rubles).
In an interview with RBC, experts explain the atypical increase in demand for cash for July by a combination of factors: Russians' spending on vacations "in the new reality", an increase in cash payments in the regions annexed to Russia. A high outflow into cash has been observed for several months, and this is "not a completely normal situation," says Yegor Susin, Managing Director of Gazprombank Private Banking. According to him, there is an abnormal trend in the country now, which should be monitored and analyzed for its causes.
Analysts also attributed the jump to a residual phenomenon after the attempted mutiny of the Wagner PMCs in June. From June 23 to June 25, the volume of cash in circulation increased by 105.3 billion rubles. Such an increase turned out to be a record since September 22 and 23, 2022 — the first two days after the announcement of partial mobilization in the country.
Demand growth was recorded in 15 Russian regions, First Deputy Prime Minister Andrei Belousov said at a meeting with Prime Minister Mikhail Mishustin. In the Voronezh, Rostov and Lipetsk regions, the increase was 70-80 percent at once.
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