the Russians stocked up on cash because of a coronavirus, for March, the rise of demand for cash. About this “Vedomosti”.
So, last month, excess liquidity of the banking sector declined by 1.5 trillion to 2.3 trillion rubles. For March cash in circulation increased by 700 billion roubles, including funds in banks and ATMs. Almost half of the total reduction of liquidity in the sector.
High demand for cash associated with the “conditions of high uncertainty,” explained the Central Bank. A significant role could also play the quarantine measures demanded from the citizens stockpiling cash for payments during the isolation period.
According to Central Bank data, from 15 to 25 March, the outflow of deposits from banks amounted to 2 per cent, or more than 600 billion rubles. However, at the end of the month the situation with the outflow of deposits has stabilized, noted the regulator.
Representatives of financial organizations believe that in the near future, part of the money back to the banks. The sources admitted the possibility that not all the money will return on deposits — some of them can be invested in the securities.
In early April, it was reported that the Russians have begun to abandon the use of cash in the background of the pandemic coronavirus. According to Roccasecca, the share of cashless payments to citizens for the first time exceeded spending cash — the figure was 50.4 per cent.
