The Central Bank predicts a reduction in the volume of cash turnover in Russia in 2021, the regulator told Izvestia. In 2020, the amount of “cash” in the economy has grown sharply: by 2.8 trillion rubles and amounted to 13.4 trillion.
“The increased demand for cash in 2020 can be fully attributed to the effects of the pandemic and its aftermath. This applies both to the population and to enterprises, ”the regulator explained to Izvestia.
The Central Bank expects that this year there will be a gradual return of part of the cash to banks. However, this process may take several years, the regulator warned. The continuing growth in the popularity of non-cash payments will also restrain the circulation of the “cache”.
According to experts, Russians can return about 2 trillion rubles to banks this year. This will be stimulated by the growth of interest rates on deposits in connection with the increase in the key Central Bank.
Read more in an exclusive article by Izvestia on April 28