Russia sees sharp July surge in cash circulation

In July 2024 the amount of cash in circulation in Russia jumped 43.1% from June, adding 643.4 billion rubles (about €6.85 billion). The total cash stock rose above 21 trillion rubles (€220 billion) for the first time, a level not reached since September 2022.

The increase continues a trend that began in February, when an additional 2.55 trillion rubles were introduced over six months. The Central Bank of Russia attributes the acceleration to repeated mobile‑internet outages across more than 40 regions – first during Victory Day celebrations in May 2023 and later a three‑week shutdown in Moscow in March – as well as adjustments to tax regulations. These factors have prompted households and businesses to hold larger cash reserves amid the ongoing war in Ukraine and related domestic policies.