Russia’s Domestic Payment Network Expands as SPFS Traffic Surges
The Bank of Russia has disclosed a sharp rise in the use of its domestic payments framework for 2022, with the domestic counterpart to the international SWIFT system recording more than triple traffic versus 2021. The leap marks a rapid upgrade in domestic financial messaging and cross-border settlement readiness, aligning with ongoing efforts to strengthen Russia’s payment infrastructure amid sanctions and shifting market dynamics.
In a formal report, the central bank noted that SPFS traffic for 2022 exceeded the 2021 level by over three times, signaling a broad expansion in state-managed financial communications. The development points to a clear move toward greater independence in settlement channels, with financial institutions increasingly relying on SPFS for secure messaging and timely transfers as market conditions evolve. — Bank of Russia
A separate central bank document from March 2023 shows that 57 percent of Russians preferred saving money over buying expensive goods, a shift from the previous month. This rise in savings propensity came alongside a slight dip in the willingness to purchase high-cost items, with the share favoring such purchases easing from 28 percent to 25 percent since February. The data suggest households tightened spending plans in response to inflation signals and broader economic uncertainty, prioritizing liquidity and security in uncertain times. — Bank of Russia
The March survey also revealed that 18 percent of respondents found it difficult to decide between saving and spending, up by one percentage point from February. Analysts interpret this as reflecting inflation expectations and shifting consumer sentiment during the month, illustrating how price dynamics shape everyday financial choices and long-term planning for households. — Bank of Russia
Among those who chose to save, 37 percent favored bank deposits while 36 percent stored funds in cash, indicating a balanced preference between formal financial instruments and readily available currency. This distribution highlights a nuanced approach to risk, return, and accessibility as households weigh security, yield, and immediacy when allocating wealth in a volatile economic environment. — Bank of Russia