02.05.2023, 17:15
The volume of cash in Russia has reached a record
Source: OREANDA-NEWS
OREANDA-NEWS By the end of March, the volume of cash in Russia reached a record 16.7 trillion rubles, Izvestia calculated based on Central Bank statistics.
In February-March alone, their number in circulation increased by 510 billion. The indicator increased despite seasonality — in non-crisis years (2021, 2019 and 2018), the volume of live money in the country in mid-spring was lower than the value at the beginning of the year. However, in 2023, the indicator began to grow from January, and in the first three months it added 343 billion rubles.
According to Alexey Voilukov, Vice-President of the Association of Banks of Russia (ADB), by April 25, the volume of cash in circulation exceeded 17 trillion altogether. He explains this result by providing new regions with rubles. Earlier, the ADB predicted that 900 billion cash would be needed to ensure settlements in these territories. Denis Popov, Chief analyst at PSB, added that the demand for cash is also being raised by economic and financial volatility in the country.
Earlier, the Central Bank reported that in March, the share of Russians who prefer to save free money rather than spend it on buying expensive goods turned out to be the highest in the last two years. The transition of Russians to economy was outlined in October 2022, and since then this trend has only intensified. According to Rosstat, the share of personal income of the population going to savings increased to 11.4 percent in the fourth quarter of 2022 (a similar level was recorded in 2015-2016).
In February-March alone, their number in circulation increased by 510 billion. The indicator increased despite seasonality — in non-crisis years (2021, 2019 and 2018), the volume of live money in the country in mid-spring was lower than the value at the beginning of the year. However, in 2023, the indicator began to grow from January, and in the first three months it added 343 billion rubles.
According to Alexey Voilukov, Vice-President of the Association of Banks of Russia (ADB), by April 25, the volume of cash in circulation exceeded 17 trillion altogether. He explains this result by providing new regions with rubles. Earlier, the ADB predicted that 900 billion cash would be needed to ensure settlements in these territories. Denis Popov, Chief analyst at PSB, added that the demand for cash is also being raised by economic and financial volatility in the country.
Earlier, the Central Bank reported that in March, the share of Russians who prefer to save free money rather than spend it on buying expensive goods turned out to be the highest in the last two years. The transition of Russians to economy was outlined in October 2022, and since then this trend has only intensified. According to Rosstat, the share of personal income of the population going to savings increased to 11.4 percent in the fourth quarter of 2022 (a similar level was recorded in 2015-2016).
Комментарии