Main article: Russian ruble
Money supply
Main article: Money supply of Russia
Withdrawing cash from bank cards
Main article: Withdrawal of cash from bank cards
2023
Growth of cash turnover in Russia by 13.7% to 123.8 trillion rubles
The Central Bank of the Russian Federation recorded an increase in cash turnover in Russia by 13.7% in 2023 - to 123.8 trillion rubles from 108.9 trillion rubles in 2022. The regulator released its research on April 18, 2024.
According to the report of the Central Bank, 60.4 trillion cash rubles were received at cash desks and ATMs in 2023 (53.2 trillion rubles in 2022), 63.4 trillion cash rubles were issued (55.7 trillion rubles in 2022).
From the report of the Bank of Russia it follows that in 2023 the main volume of cash receipts fell on trade - 6.8 trillion rubles. This is 1.8% more than in 2022. The influx of cash into the bank accounts of individuals during this time increased by 29%, to 9.5 trillion rubles, while 11.7 trillion rubles were issued, which also exceeds the previous year by 29%.
According to the Central Bank, for credit operations, cash receipts and disbursements in 2023 increased by 12 and 48%, respectively, and reached 1.1 trillion rubles each. Leaders in cash turnover in 2023:
- Moscow and the Moscow region (27 and 8.4 trillion rubles);
- Petersburg (7.9 trillion rubles);
- Krasnodar Territory (5.8 trillion rubles).
As of January 1, 2024, there were 18.43 trillion rubles of cash in circulation against 16.39 trillion rubles by the same day a year earlier. The volume of cash in circulation in 2023 increased by 12.4%, which is slightly lower than the pace of one year ago (+ 16.3%). The share of cash in circulation outside the banking system in the total amount of money supply decreased from 18.7% to 17.4% from year to year. By January 1, 2024, 8.2 billion sheets of banknotes were in circulation against 7.4 billion sheets a year earlier. The number of coins in circulation increased from 71.3 billion to 72.2 billion pieces.
Central Bank Report on Cash Turnover in Russia
$2.27 billion of cash dollars and euros arrived in Russia in two years after the outbreak of the conflict in Ukraine
After the outbreak of the conflict To Ukraine USA EU , the export of their banknotes to Russia was banned. However, about $2.27 billion in banknotes dollar euro was sent to the Russian Federation from March 2022 to December 2023.
More than a quarter of the $2.27 billion notes were imported by banks, mostly to pay for precious metals, according to customs documents and data from a person familiar with the operations, Reuters reported.
Several Russian banks from March 2022 to December 2023 received cash from abroad in the amount of $580 million and removed approximately the equivalent amount of precious metals. In many cases, the supply of gold or silver was carried out to the companies that supplied the banknotes, the records say.
For example, Russian lender Vitabank imported $64.8 million worth of banknotes from Turkish gold trading company Demas Kuyumculuk in 2022 and 2023. During the same period, Vitabank exported $59.5 million worth of gold and silver to the Turkish company.
A person familiar with Demas' operations confirmed that the company was involved in a series of "cash for gold" deals involving Vitabank and two other Russian lenders between March 2022 and September 2023. According to the interlocutor, the delivery of banknotes from the UAE to Russia was the only solution that Demas found to complete long-term contracts signed before the entry into force of Western sanctions with Russian gold suppliers, while complying with Turkish and international rules related to cross-border payments.
According to the interlocutor, under the conditions of sanctions that actually cut off Russia from the Western financial system, payment of accounts by traditional electronic transfer was no longer possible. In the third quarter of 2023, when all pre-war contracts with Russian companies were completed, Demas stopped bilateral trade, the source said.
Other major cash importers included entities controlled by Rostec, the documents said.
The Central Bank of the Russian Federation presented new banknotes of denominations of 1000 and 5000 rubles. They contain a QR code
On October 16, 2023, the Central Bank of the Russian Federation presented new banknotes of denominations of 1000 and 5000 rubles. They contain a QR code leading to the page of the Bank of Russia website, which contains detailed information on the decoration and signs of authenticity of banknotes.
The front side of the one thousandth bill depicts Nizhny Novgorod - Nikolskaya Tower of the Kremlin. There are also other attractions and iconic places of the city - the merger of the Oka and Volga, or the so-called arrow, the central pavilion of the Nizhny Novgorod fair and the stadium built for the 2018 World Cup.
The main image of the front side of a banknote of 5 thousand rubles. - Europe-Asia stele, the back side - the monument "Tale of the Urals" in Chelyabinsk.
Banknotes retained the color palette of the same denomination: a bill of 1 thousand rubles. made in blue-green, and five thousandth - in orange shades.
 | We did this on purpose so that people would not get confused and could easily find banknotes of a familiar color in their wallet. Both banknotes have strengthened protective signs, this is a common approach. The higher the face value, the higher the protective complex to make it more difficult to fake. The banknote is checked when tilted, to the lumen and touch, - said the deputy chairman of the Bank of Russia Sergei Belov. |  |
The Central Bank added that the 2023 banknotes are a legal means of cash payment on the territory of the Russian Federation and are required to be accepted at household value when paying for any type of goods and services without restrictions. Modernized banknotes will go into circulation gradually and will be handled along with banknotes of the 1997 model.
Earlier, the press service of the Central Bank announced the planned modernization of banknotes from 2021 to 2025. Bills 10, 50, 100, 500, 1000 and 5000 rubles will be updated. As part of the improvements, the design will be changed and protection against damage and counterfeiting will be improved.[1]
The growth of cash in circulation to 17 trillion rubles due to the provision of rubles to new regions
The volume of cash in circulation in Russia for the first time exceeded 17 trillion rubles, follows from the data of the Central Bank at the beginning of May 2023. According to experts, one of the main reasons for this growth is the provision of rubles to new regions. To organize settlements in these constituent entities of the Russian Federation, 900 billion cash will be required.
2022
Increase in attempts to illegally export cash by 24% to 2.1 billion rubles
The number of attempts by individuals to illegally take out cash by the end of 2022 increased by 24% compared to 2021, in total, citizens tried to illegally take out 2.1 billion in ruble equivalent.
Cash growth to RUB 144.8 bln
The demand for cash among Russians increased sharply on the day of signing agreements on the accession of new territories to Russia. According to the Central Bank, the volume of cash in circulation on September 30 jumped to a record since March and amounted to 144.8 billion rubles.
Take-off of the amount of cash in circulation 9 times after the announcement of mobilization
The demand for cash from Russians per day after the start of partial mobilization during the conflict in Ukraine soared 9 times in September 2022 - from 14.2 billion rubles to 132.1 billion. The growth is comparable to the March jump, then there was a little more cash in circulation at the peak - 151.5 billion rubles.
The money base returned to normal after a sharp take-off against the background of the start of Russia's special operation in Ukraine
12.86 trillion rubles of cash in the hands of the population
The most massive bills - 5 thousand and 1 thousand rubles
Issue of a new bill of 100 rubles
On June 30, 2022, the Bank of Russia put into circulation a modernized banknote with a face value of 100 rubles of the 2022 issue.
2021: Central Bank of the Russian Federation: Cash use when paying increased from 30 to 33%
According to the Central Bank of Russia, the use of cash when paying for 2021 began to grow again - 33% against 30% at the end of 2020.
2020
Printing money in Russia for 10 years decreased by 35%
In 2020, the printing of money in Russia over 10 years decreased by more than 35%. This was announced in May 2021 by the general director of Goznak JSC Arkady Trachuk.
| | The total volume, if we talk about the quantity, can be oriented like this: first of all, this is determined not only by the direct need, but also by the amount of storage of money that is in the Central Bank. The Central Bank stores them enough to provide cash circulation, and we make, in fact, to replenish the reserves that are in the Bank of Russia, "he said (quoted by TASS Information Agency of Russia). | |
According to him, coins of low denominations almost ceased to be made. 10-ruble coins are regularly minted and put into circulation, which are more in demand and "are part of the monetary circulation system."
Arkady Trachuk noted that banknotes of low denominations serve, as a rule, for about a year. Banknotes of medium denominations, 500-1000 rubles, last two years, maybe a little longer. Senior denomination notes have been in circulation long enough because they are largely a means of accumulation rather than a means of settlement.
In May 2021, the Bank of Russia announced that in 2021-2025 it would continue to work on strengthening the protection and updating the design of banknotes in denominations of 10, 50, 100, 500, 1000 and 5000 rubles. In the design of modernized banknotes, according to the Central Bank, the theme of the federal districts of the Russian Federation will be used, which will make it possible to show the features of the territories, their history and modern achievements. It is planned to issue modernized banknotes for circulation in the period 2022-2025.
It is expected that in 2022 modernized banknotes with a face value of 100 rubles will go into circulation, in 2023 - 1000 and 5000 rubles, in 2024 - 500 rubles, and in 2025 - 10 and 50 rubles. Banknotes will appear gradually over several years, both old and new banknotes will be in circulation.[2]
Growth of foreign cash in Russia by 18.1%, to $85.2 billion - Central Bank of the Russian Federation
The volume of foreign cash in Russia in 2020 increased by 18.1% (or $13.1 billion) compared to 2019 and reached $85.2 billion. Such data are provided by the Central Bank of the Russian Federation.
As the head of the analytical department of the bank BKF Maxim Osadchy noted to RIA Novosti based on the data of the Central Bank, the highest growth in foreign currency was registered in 2008 - then its volume increased by $24.5 billion (or 112.8%). In 2014, the volume of foreign currency grew by $27.7 billion (+ 112.3% - "the first sanctions and currency crisis"), in 2017 - by $14 billion (an increase of 29%), he said.
According to Osadchy, such growth rates of cash foreign currency in the economy almost coincide with the high growth rate of cash rubles in circulation - in 2020 their volume increased by 2.8 trillion rubles, or 26.4%.
With the weakening of restrictions imposed due to the COVID-19 pandemic, citizens rushed to exchangers. As the latest available data from the Central Bank show, the demand for large sums was especially high. If in February and March people who bought currency worth more than $5,000, in total, purchased $31.6 million and $44.21 million, then in May and June the volumes soared to $310.6 million and $607.2 million, respectively. The June figure has been a monthly record since November 2018.
Even more were willing to buy currency worth between $2001 and $5,000. In May, demand amounted to $370.65 million, in June - $824.3 million. The total volume - $1.194 billion - turned out to be the maximum for these two months over the past six years. Even in May and June 2015, when after the currency crisis, citizens swept away dollars and euros, demand was slightly lower - $1.186 billion.
The chief analyst Sovcombank Kirill Sokolov linked interest in the currency to the implementation of deferred demand. Citizens have become more competent and experienced after previous crises and sell currency at a high rate, and dollar buy when strengthened, ruble he stressed.[3]
The share of cash increased to 21% of the money supply
The share of cash in the cash circulation of Russians at the end of 2020 increased by 30% (or 2.9 trillion rubles) compared to the previous year. This is evidenced by the data of the Institute of Applied Economic Research of the RANEPA.
According to experts, by the end of 2020, the ratio of cash to money supply in the Russian Federation reached 21.5%. In November, the figure reached 21.8% (a record since 2015). The ratio of cash to nominal GDP has grown to the maximum value over the past 10 years - 11.3%.
Experts associated with a significant increase in cash debts in 2020 due to a reduction in household spending in conditions of uncertainty.
Independent financial analyst Jean-Paul Churkin says that the dynamics of disposable incomes of the population plays a significant role in the outflow of money from bank accounts and deposits. And contrary to popular belief, most Russians withdraw money not to invest, but to maintain the usual standard of living in connection with the pandemic.
| | In addition, a large number of banks increased the risk of bankruptcy, there was a panic reaction of the population to what was happening, as a result of which more than 2.5 trillion rubles of cash were added in Russia over the year, and this figure will certainly increase, the expert is sure. | |
Analysts agree that the massive outflow of cash "under mattresses" is a typical behavior of people during a crisis. The flow of money supply has grown sharply not only in Russia, but also in countries with different levels of development and life: in, USA,, Germany,, France, and To Canada. Italy Spain Australia Brazil
According to Finam analyst Alexei Korenev, against the background of the pandemic, the Russians realized that they actually did not have an airbag, and they were ready to save funds even to the detriment of current consumption. According to Vedomosti, by the end of 2020, Russians had accumulated 2.7 trillion rubles "for a rainy day."[4]
Growth of cash in circulation in Russia by 26.4% to 13.4 trillion rubles
By the end of 2020, the volume of cash in circulation in Russia increased by 26.4% compared to the same period in 2019 - to 13.4 trillion rubles from 10.6 trillion rubles. The growth rate turned out to be a record for 10 years and comparable to those that took place in 2010 (+ 25.1%), according to the data of the Central Bank of the Russian Federation.
The regulator associated a noticeable increase in the volume of cash in circulation in 2020 with the COVID-19 coronavirus pandemic and restrictive measures introduced due to it. In conditions of self-isolation, citizens showed an increased demand for cash, trying to stock up on it and once again not visit bank branches and ATMs, the Central Bank explained.
Deputy Chairman of the Central Bank Mikhail Alekseev says that, starting from July 2020, the demand for cash approached the usual seasonal indicators, a slight reduction occurred in November, and in December there was a traditional growth.
As in past years, this is due to the increased demand for cash before the holidays, as well as the fact that banks are increasing their stocks of cash to replenish cash registers and ATMs in the New Year period, he added.
| | The pandemic, firstly, provoked the growth of the gray economy, an increase in cash settlements. Secondly, people were more inclined to keep more liquidity on hand, and this is just cash. Thirdly, the general decrease in rates and the fall in deposit rates influenced - keeping savings on term deposits became not so attractive, "Yegor Susin, head of the Gazprombank strategy development center, told RBC. | |
He added that interest rates were declining until 2020, but during the crisis period, the trend intensified and this affected the "feeling of profitability by people."
According to the Central Bank, in the total number of banknotes at the end of 2020, the share of large denominations mainly increased: five thousandths (from 26 to 31%) and two thousandths (from 4 to 5%).[5]
The volume of cash supply of 12.431 trillion rubles
According to the Central Bank, as of July 1, 2020, the volume of cash supply reached a new historical record of 12.431 trillion rubles.
Since the beginning of the year, 1.802 trillion rubles have been sent into circulation in the form of banknotes, and the total number has reached 6.613 billion copies. The rain from cash that fell over the economy consisted exclusively of 5,000 bills: their share in circulation increased from 77% to 78%, and the number - from 4,373 to 5,185 billion units.
Taking into account how each banknote weighs about 1 gram, in total, the economy received 812 tons of new banknotes in denominations of 5,000 rubles.
At the beginning of summer, the central bank predicted that the demand for cash would return to normal values after the abolition of quarantine measures, and the cash received by the economy would gradually go out of circulation after it was spent by consumers and collected by banks.
But the operational statistics of the Central Bank show that it is not possible to take control of the process. In July and the first half of August, the volume of cash at the cash desks of banks and outside the banking system increased by another 395.8 billion rubles, and the total amount of cash in circulation probably exceeded 12.8 trillion rubles.
People and businesses go to cash, fleeing the crisis - through the informal economy and gray turnover, says Yakov Mirkin, head of the capital markets department at IMEMO RAS.
10.6 trillion rubles in cash circulation at the beginning of the year
In general, the volume of cash in circulation as of January 1, 2020 amounted to 10.6 trillion rubles. Over the year, this figure increased by 304.4 billion rubles, according to data from the Bank of Russia.
The structure of cash supply in 2019 changed slightly: the share of five thousandth bills (from 24 to 26%) and the share of 200-ruble (from 2 to 3%) increased. At the same time, the shares of 500-ruble (from 9 to 8%) and 1000-ruble (from 27 to 25%) banknotes decreased.
2019: The volume of rubles in cash circulation is $150 billion
The gold supply as of August 2019 is $8.7 trillion, the US dollar supply is $1.7 trillion. The volume of rubles in circulation is $150 billion.
Non-cash payments in Russia
Notes
- ↑ Bank of Russia issues updated banknotes of 1000 and 5000 rubles
- ↑ The volume of production of Russian banknotes over 10 years decreased by more than 35%
- ↑ The volume of cash foreign currency outside banks has grown sharply
- ↑ Russians have accumulated 2.7 trillion rubles "for a rainy day"
- ↑ Cash supply structure: 2020 results
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