Russians have accumulated over 12 trillion rubles "under the mattress"

Russians have accumulated over 12 trillion rubles "under the mattress"

5 November , 10:38Society
The amount of cash in the hands of Russians as of October 1 grew by 28.3% over the year - this is the maximum growth in cash savings.

RIA Novosti was told about this by the head of the analytical department of the bank BKF Maxim Osadchiy.

12.1 trillion rubles was the M0 monetary aggregate, follows from the data of the Central Bank.

- Cash outside the banking system as of October 1 showed a record growth - 28.3 percent in annual terms. This has not happened since at least 2012. For comparison: just before the coronavirus crisis - on March 1, 2020 - this growth was four times lower and amounted to only 7.1 percent, Osadchy said.

This cannot be called Russian specifics - due to the self-isolation regime, the demand for cash has grown all over the world, said Andrey Rusetsky, asset manager of BCS World of Investments.

The main contribution to the increase in the volume of cash was made in March (growth of 5.9% per month) and April (6.6%). This is due to the panic of the beginning of the pandemic and the crisis - then citizens took money from banks. At present, the process has slowed down, and in monthly terms, the increase in the volume of cash in September amounted to 1%.

Let us note that economist Mikhail Delyagin warned citizens about the danger of losing money by investing in securities. He advised the Russians to keep their funds in banks.

Meanwhile, at the end of last month, experts noted that a sharp increase in cash turnover was recorded in Russia.

At the same time, the Bank of Russia is still forecasting a massive outflow of bank deposits.

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