Russia has recorded its largest outflow of cash from banks in 30 years
In May, the Russian banking system faced a massive outflow of cash. According to media reports, this figure was the highest in the last three decades. Experts attribute the situation to changes in the population’s financial behavior and economic processes taking place in the country.
In Russia, the amount of cash in circulation increased by another 381.2 billion rubles in May, setting a record for that month since statistics began in 1995.
It is noted that in April, the volume of cash in the Russian economy jumped by 678.7 billion rubles, and in March—by 301.1 billion.
The cumulative total of paper banknotes in circulation in Russia since the beginning of the year has increased by 1.09 trillion rubles.
Natalia Milchakova, a leading analyst at Freedom Finance Global, explained that Russians are increasingly choosing “cash” due to uncertainty—both geopolitical and macroeconomic. According to her, people want to have money on hand for unplanned expenses “right here, right now.”
In addition, internet outages—which deprive Russians of access to online banking and cashless payments—as well as the Russian Central Bank’s key rate cuts, which make bank deposits less attractive, are also playing a role.
In response, the Russian central bank tightened controls on cash withdrawals via ATMs starting June 1. From now on, banks will monitor monthly cash withdrawal limits, and suspicious transactions—such as large withdrawals after a long hiatus or multiple transactions within a short period—may be blocked.
This is reported by Russian propaganda media.
Another 60 Ukrainians have been returned from the occupied territories and Russia.
Lavrovdid not like Zelenskyy’s disrespectful tone in his letter to Putin.
