Deputy Governor of the Central Bank of Russia Sergei Belov said that the regulator may transfer cash to commercial banks for storage purposes in order to improve the cash circulation system (CMC). The publication reports that “News”.
“This practice has proven to be extremely popular. It allows banks to reduce transportation costs and costs associated with depositing and receiving cash at the Bank of Russia. And most importantly, it allows them to manage their own liquidity more flexibly, as depositing funds into correspondent accounts The bank does not need to physically deliver cash to our branches,” said Belov.
Previously Belov announced the presentation New banknotes of 1 thousand and 5 thousand rubles in October. It was reported that the banknotes will be modernized, but their color will not differ from the existing ones. According to Belov, the Central Bank plans to complete the phased modernization of banknotes of five denominations (5 thousand, 1 thousand, 500, 50 and 10 rubles) by the end of 2025. The modernization of the 100 ruble banknote has been completed, but it is stated that new banknotes are rare.
Formerly Central Bank saidWhether paper banknotes will be replaced by 5 and 10 ruble coins.