The Central Bank recorded a sharp increase in demand for cash on September 22. The volume of cash in circulation in the country amounted to 132.1 billion rubles, an increase of 9.4 times compared to the previous day (14.2 billion rubles), follows from the statistics of the regulator. Experts interviewed by RBC attribute this reaction of Russians to the news of partial mobilization in the Russian Federation.
The volume of cash is now comparable to the March level: on March 4, this figure reached 151.5 billion rubles. At the same time, a record jump was recorded on February 25 – then the amount of cash per day increased to 1.4 trillion rubles.
“This is, of course, a reaction to the news, but how sustainable it will be is unclear. I am sure that 132.1 billion rubles is not the exhaustion of all demand for cash in such times, people are preparing for a worsening situation, ”Sofya Donets, chief economist at Renaissance Capital for Russia and the CIS, commented to RBC.
Yuri Belikov, managing director of Expert RA, suggested that the Russians were withdrawing money from their accounts in order to travel to the near abroad. The specialist suggested that the growth in demand for cash should be regarded as a one-time phenomenon, but the peak, according to him, may not have been passed yet.