The funds withdrawn from the pandemic of several trillion rubles never returned to the banks, the money remained with the Russians in cash, said the director of the financial stability department of the Central Bank Elizabeth Danilova in an interview with Reuters.
“We see that the cash withdrawn in the pandemic, 2.6 trillion rubles in 2020, has not returned to the banks. The population still uses these funds in cash. But even now, despite the new waves of the pandemic, there is no jump in demand for cash, “Danilova explained.
From the beginning of the year, the dynamics resembles pre-crisis: from January to August, the amount of cash in circulation increased by 300 million rubles, which can be called natural demand. The situation, according to the head of the Central Bank, has returned to normal, there are no risks to financial stability. Now, Danilova stressed, the share of non-cash payments is actively growing, which in 2021 exceeded 71 percent. Prior to the pandemic, the rate was below 65 percent.
In August, it was reported that a number of large Russian banks faced a sharp outflow of funds in the first half of 2021. In the first half of the year, Vostok, the Ministry of Bank and Rosbank lost the most, with retail customers’ funds falling by 20.6 billion rubles (15.3 percent), 18.7 billion rubles (12.4 percent) and 16 rubles, respectively. 6 billion (5.6 percent). The figures contrast sharply with the overall decline in the population of Russian banks in six months, which amounted to only 0.8 percent.