Russian residents’ cash holdings exceed $100 billion for the first time

Data published by Russia’s Central Bank show that, as of February 1, residents of the country have cash holdings equivalent to 105.4 billion USD.

Russian state broadcasting corporation RBC points out that this is the first time that Russian cash holdings have exceeded 100 billion USD since records began in 2018.

Yegor Susin, the managing director of Gazprombank Private Banking, says that “the growth of cash in conditions limiting its withdrawal from bank accounts within Russia can mean only one thing — the import of banknotes exceeded their export.”