It makes no sense for the Russians to withdraw large amounts of cash now, as the exchange rate is overvalued due to the panic. About this newspaper “Izvestia” declaration Aleksey Voylukov, Deputy Chairman of the Russian Banks Association (ADB).
“There is no point in withdrawing large amounts of cash anymore. In addition, due to the increasing interest in foreign currency, banks increase interest rates to partially cool the excessive panic demand.
According to him, the exchange rate is likely to fall on the working day. Therefore, buying dollars and euros at an overvalued rate now would be the wrong option.
Andrey Yemelin, chairman of the National Financial Market Council, added that the increase in the value of currencies in extraordinary circumstances is a common thing. Therefore, when banks see a sharp increase in the demand for foreign currency, they restrain the public’s emotions with high rates.
On the Central Bank website at the end of January reportedThat the cash turnover in the Russian market increased by 2.3 trillion rubles in 2022. As of January 1, 2023, this figure reached a total of 16.4 trillion rubles. Most often, Russians withdrew money in February-March and in September 2022.