Elvira Nabiullina explained the outflow of funds from banks by increased anxiety

The head of the Central Bank of Russia, Elvira Nabiullina, said that the recent outflow of Russian funds from banks is associated with increased anxiety due to rising geopolitical tensions. Such surges in demand for cash have already been noted during the pandemic and in the spring of 2022.

- The growth of geopolitical tensions over the past month and a half has increased anxiety in society, and this could not but affect the financial behavior of people, - Interfax quotes the words of the head of the Central Bank of the Russian Federation.

To date, cash withdrawals have approached the seasonal norm, and when the situation becomes “more understandable” for people, they will “return the funds to the banks.”

In September, the Russians withdrew 458 billion rubles from their accounts. The main outflow occurred in the second half of the month, when partial mobilization was announced.