During the period from January to March 2023, the amount of cash held by Russians declined by 17.8 billion rubles. This finding draws on statistics published by RBC with reference to data from the Central Bank.
In the same timeframe, the ruble cash held by the population rose by 300.6 billion rubles, according to the regulator. By the end of April, cash comprised 17% of households’ financial assets, which were estimated at 22.5 trillion rubles in total. As of May 1, 2023, Russians had placed 13% of their foreign currency deposits and accounts in currencies deemed non-toxic, while 87% were in currencies considered toxic.
The record for the volume of cash in citizens’ hands was set on February 1, 2023, when the total reached 7.33 trillion rubles, equivalent to 105.4 billion dollars, the highest figure since 2018 based on available statistics. From July 1 to December 1 of the previous year, households increased their holdings of foreign currency cash by 4.3 billion dollars, according to data from the regulator.
In March 2022, the European Union and the United States imposed embargoes on the importation of dollars and euro cash into Russia. In response, the Central Bank implemented limits on foreign currency withdrawals from accounts and deposits.
Currently, Russians can withdraw no more than 10,000 dollars or the equivalent in euros if the money was deposited before March 9, 2022. It is also possible to purchase dollars and euros with cash, and new cash arriving in banks can be used at the teller windows after April 9. These restrictions have already undergone two extensions.
At the St. Petersburg Economic Forum on June 16, Central Bank Governor Elvira Nabiullina indicated that the government would not rescind restrictions on cash sales in Russia moving forward.
Observers note that comments from regulatory figures, such as Aksakov, have touched on expectations regarding potential shifts in the broader financial and geopolitical landscape. These remarks have sparked ongoing conversations about macroeconomic stability and the role of cash within the domestic economy.