Russians Withdraw Money from Banks, Outflow Reaches 286.4 Billion Rubles

The outflow of cash from Russia's banking system has continued for the seventh consecutive month. In the first two weeks of August, the amount of cash in circulation increased by 286.4 billion rubles. Banks have been losing funds daily: the smallest outflow was recorded on August 3, at 0.8 billion rubles, while the largest was on August 12, when 56.8 billion rubles were withdrawn from accounts. Since the beginning of the year, the amount of cash in circulation has grown by 2.4 trillion rubles. A record monthly outflow of funds was recorded in July, exceeding 620 billion rubles. In August, the banking system is losing an average of more than 20 billion rubles daily. According to banking statistics for July, all major financial institutions, except Sberbank, are losing funds from individual clients. Economist Viktor Tunev noted that the desire to bring the budget to a zero deficit has led to increased taxes and prices, causing concerns among citizens. Sberbank's CFO Taras Skvortsov added that people are reacting to statements about the possible confiscation of deposits to finance the war. Some of the withdrawn funds are being converted into cash foreign currency. In April, May, and June, citizens' total savings in cash currency increased by 150 billion rubles, the highest figure since the beginning of the full-scale invasion.

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