Russians withdrew $7.5 billion in Sept as they left the country – central bank
2022.10.20 09:07
Russians withdrew $7.5 billion in Sept as they left the country – central bank
Budrigannews.com – Russian citizens withdrew 458 billion roubles ($7.5 billion) in cash from banks in September, with the bulk of the outflow recorded in the second half of the month when increased numbers of people were leaving the country, the central bank said on Thursday.
On Sept. 21, President Vladimir Putin ordered Russia’s first wartime mobilisation since World War Two as he sought to call up 300,000 people. Hundreds of thousands of people left Russia after the Kremlin announced what it called a “partial mobilisation”.
“People … tend to withdraw cash funds in a situation of stress or uncertainty, as it was, for example, at the beginning of the year, but then they usually return the money to the banks,” the central bank’s report said.
Alexander Danilov, head of banking regulation and analysis at the central bank, told a briefing on Thursday that the outflow did not pose a threat to the banking sector’s liquidity, as it was offset by an inflow of corporate funds totalling 900 billion roubles coming chiefly from energy sector companies.
Yet demand for real estate is falling amid the rising uncertainty, Danilov said, and the central bank now sees mortgage lending growing 15-18% this year, less than was previously expected.
This week, the central bank said that Russia’s partial mobilisation was having a negative impact on consumer and business confidence, adding the resulting labour force contraction could hold back economic activity in coming months.
($1 = 61.3500 roubles)
