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Cash demand in Russia began to return to pre-pandemic levels

MOSCOW, 19 Jan – PRIME. The volume of cash rubles in circulation in November decreased for the first time since the beginning of the year, and its annual growth rate slowed down – this may indicate the beginning of the return of Russian demand for cash to the pre-pandemic level, according to the information and analytical commentary of the Bank of Russia. The Central Bank will expand measures to protect consumers of financial services. “The growth of the importance of non-cash money circulation resumed. In November, for the first time since the beginning of the year, the volume of cash rubles in circulation decreased, and its annual growth rate slowed down, which may reflect the beginning of a return to the economic behavior that prevailed before the pandemic,” the document says. According to the regulator, as of December 1, the M0 monetary aggregate, reflecting the amount of cash outside the banking system, amounted to 12.135 trillion rubles, while on November 1 it was equal to 12.158 trillion. For the first time the mark of 12 trillion, this figure has broken through this fall. The Central Bank noted that in 2020, under the influence of the pandemic, there was an increased demand from the population and business for cash, but the situation in Russia is not unique. If you look at the dynamics of the volume of cash in both developed and developing countries, the trends are quite comparable or even more pronounced than in Russia.

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