The volume of cash in circulation outside the Central Bank of Russia continued to decline in February. writes about this “Russian newspaper” with reference to regulatory data.
According to the Central Bank, cash inflow to banks last month amounted to 24.7 billion rubles.
This practically corresponds to the indicators of September 2022, when a trend towards the return of funds to the banking system was recorded for the first time in the context of an increase in the key rate of the Bank of Russia.
Except for December, when the traditional seasonal outflow occurred, the volume of cash in circulation decreased for the fifth consecutive month. In January this year, a record cash flow to banks was observed – more than 500 billion rubles.
According to experts, this dynamic is due to high deposit interest rates, which make bank deposits an attractive tool to protect savings from inflation. However, the publication notes that a gradual reduction in the interest rate by the Central Bank could reverse the situation.
previously economist It has been recommended Russians should not keep their savings in dollars.
Previously at the Central Bank reported It plans to double the deposit insurance limit.