18.04.2024, 13:37
The Bank of Russia has reported a sharp increase in cash turnover
Source: OREANDA-NEWS
OREANDA-NEWS By the end of 2023, the cash turnover in Russia increased by 13.7 percent, to 123.8 trillion rubles. This is reported by Interfax with reference to the data of the Central Bank.
Of these, the inflow of cash to the bank accounts of individuals increased by 28.4 percent, to 9.5 trillion rubles. Disbursements from accounts also increased sharply — by 28.6 percent, to 11.7 trillion.
The cash flow to deposits fell by 9.4 percent, to 4.8 trillion rubles, and the disbursement of funds from deposits — by 11.1 percent, to 8 trillion. The growth in credit transactions amounted to 12 percent and 48 percent, in nominal terms, the amounts reached 1.1 trillion rubles.
6.8 trillion in cash came into trade (an increase of 1.8 percent). In total, 60.4 trillion rubles in cash were received at cash desks and ATMs of banks in 2023, and 63.4 trillion rubles were issued. The leaders in turnover were Moscow (27 trillion), the Moscow Region (8.4 trillion), St. Petersburg (7.9 trillion) and the Krasnodar Territory (5.8 trillion).
The reasons for this trend are not indicated in the Central Bank. In January, Andrei Sirotkin, a senior lecturer at the Department of Banking at Synergy University, suggested that the growing demand for cash among Russians was related to their desire to be in a gray economic zone and hide income. This is done by both legal entities and individuals.
Of these, the inflow of cash to the bank accounts of individuals increased by 28.4 percent, to 9.5 trillion rubles. Disbursements from accounts also increased sharply — by 28.6 percent, to 11.7 trillion.
The cash flow to deposits fell by 9.4 percent, to 4.8 trillion rubles, and the disbursement of funds from deposits — by 11.1 percent, to 8 trillion. The growth in credit transactions amounted to 12 percent and 48 percent, in nominal terms, the amounts reached 1.1 trillion rubles.
6.8 trillion in cash came into trade (an increase of 1.8 percent). In total, 60.4 trillion rubles in cash were received at cash desks and ATMs of banks in 2023, and 63.4 trillion rubles were issued. The leaders in turnover were Moscow (27 trillion), the Moscow Region (8.4 trillion), St. Petersburg (7.9 trillion) and the Krasnodar Territory (5.8 trillion).
The reasons for this trend are not indicated in the Central Bank. In January, Andrei Sirotkin, a senior lecturer at the Department of Banking at Synergy University, suggested that the growing demand for cash among Russians was related to their desire to be in a gray economic zone and hide income. This is done by both legal entities and individuals.
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