The amount of cash held by individuals and businesses in Russia has reached RUR 14.2 trn ($234 bln) in September, a record high in the history of available statistics since 2015, Izvestia reports citing the Central Bank of Russia.
The amount of cash kept by Russians soared by RUR 1 trn ($16.5 bln) over the past year, although the most significant growth was observed in September after the country announced the partial mobilization. The amount of cash under the bed surged by as much as RUR 694 bln ($11.4 bln).
Experts believe most Russians are stocking up on cash against the backdrop of general instability, while others need cash to leave the country.
Another reason for withdrawing funds from banks is the shrinking interest on bank deposits, which became de facto negative on foreign currency deposits.