According to the calculations of experts, the volume of cash in safes and ATMs of Russian banks exceeded the 2 trillion ruble limit for the first time in July, according to the Central Bank. The increase amounted to 180.9 billion rubles, or 9.6% per month. This is the largest increase since September 2022, when the cash volume increased by almost 202 billion rubles. In this respect to witness Statistical data of the Central Bank of Russia.
Analysts attribute the increase in residues to several factors. First of all, there is a revaluation in rubles due to the depreciation in the exchange rate. Secondly, the demand for the exchange of cash with rubles is growing in order to fix a more favorable exchange rate.
There is also a long-term uptrend in cash demand. Citizens fear financial instability and withdraw money from their bank accounts. For credit institutions, this is a negative factor, because such funds do not generate interest income.
Due to high demand, some banks have imposed increased commissions and restrictions on cash transactions. Experts do not ignore that the total amount of cash in the banking system will continue to increase, despite the devaluation of the ruble and the increase in the Central Bank interest rate in August.
It was in the middle of August still and growth in payments made through SBP increased 5x year over year.
Formerly CBR still Complaints of Russians about the implementation of additional services in lending are increasing.