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Cash outflow from Russia totals around $1.6 bln in October, says Central Bank chief

It is noted that the outflow of cash was lower in September-October than in February-March

MOSCOW, November 10. /TASS/. Russia’s Central Bank registered an outflow of cash from the country at 100 bln rubles ($1.6 bln) in October, which is lower than the peak levels of February-March, the regulator’s Governor Elvira Nabiullina told reporters at the Finopolis forum on Thursday.

"Indeed, the level of cash outflow peaked in February and later in September-October. However overall, the outflow of cash was lower in September-October than in February-March. [Cash outflow amounted to - TASS] 500 bln in September, if I’m not mistaken, and around 100 bln rubles in October," she said, adding that "cash transactions have started getting back to their seasonal normal level judging by first November figures."

Earlier, the regulator said the outflow of funds of households from banks that was observed from the end of September, almost stopped by the end of October, with funds of physical entities in Russian banks going down by 1.4% in September.

According to revised main guidelines for the single state monetary policy for 2023 and the period of 2024-2025, the growth of cash in circulation will total up to 1.6 trillion rubles ($26 bln) by the end of 2022.

The Finopolis forum held by the Bank of Russia in partnership with IT and financial market leaders, is taking place from November 10 to 11. The forum is Russia’s largest platform for the discussion and analysis of trends and opportunities for the use of modern digital technologies in the financial sector.

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