Structure of cash in circulation: 2020 results
As of 1 January 2021, the amount of cash in circulation was 13.4 trillion rubles, which is 2.8 trillion rubles less than a year ago. According to the Bank of Russia’s data, the highest growth of nearly 1.2 trillion rubles was observed in 2020 Q2, when restrictive measures were introduced due to the coronavirus pandemic.
The share of banknotes of high denomination increased the most. This includes
‘2020 saw a notable increase in the amount of cash in circulation primarily due to the coronavirus pandemic and the restrictive measures. During the lockdown, households demonstrated elevated demand for cash as they tried to have it in stock and avoid visiting bank offices and ATMs.
Since July, demand for cash began to normalise and returned to its usual seasonal average. November saw a slight decrease in demand, which is characteristic of that time of the year, while in December we noticed its usual growth. As in previous years, this elevated demand for cash was related to the upcoming holidays as well as to the fact that banks increased their cash reserves to be able to replenish their cash desks and ATMs during the New Year period’, said Deputy Governor of the Bank of Russia Mikhail Alekseev.