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Amount of cash in Russia grew to record high in February
The amount of cash in circulation in Russia increased by 14.7% (by 2 trillion rubles) in February, which is the maximum value in absolute terms since 2002, and in relative terms – since 2009. Such a surge is triggered by the start of the military operation in Ukraine and new sanctions.
According to the Central Bank of the Russian Federation, the amount of cash in circulation in Russia reached 15.82 trillion rubles as of March 1, 2022. Shortly before, the Bank of Russia said it would increase the amount of cash due to increased demand in recent weeks. Issued cash, taking into account bank balances, grew by 2 trillion rubles over the month.
This even exceeds the figures of March-April 2020, when an increased demand of households for cash was driven by the pandemic and lockdowns in Russia. At that time the amount of cash grew by 1.29 trillion rubles. (719.4 billion rubles in March and 568.7 billion rubles in April). In the year of 2020, which immediately become a record of the decade in terms of cash circulation growth, the amount of quickly available money increased by 2.8 trillion rubles.
The increased demand for cash began on February 24, when the start of the special operation in Ukraine was announced. Then the amount of cash in circulation increased by 111.3 billion rubles. The next day, February 25, it grew by 1.4 trillion rubles.