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Demand for cash grew in Russia
Demand of Russians for cash increased, the Bank of Russia reports. According to the regulator’s statistics, the volume of cash in circulation increased by RUB150.4 billion within June 1-9. Compared to the same period in 2021, the outflow increased by more than 1.5 times (RUB97.5 billion).
In late February, the demand for cash in Russia reached its peak - on February 25 alone, 1.4 trillion rubles were put into circulation, and the outflow of cash from banks continued until March 5. At that time, with an increase in the key rate to 20%, banks offered their customers profitable deposits at high interest rates.
Then the cash began to return to the banks. According to the statistics of the regulator, from March 6 to May 31, the inflow of cash amounted to 2.97 trillion rubles, which exceeded the issuing volumes at the peak of the crisis (2.89 trillion rubles).