Russians withdrew nearly $3.4 billion from bank accounts during the first two weeks of August, according to data from Russia’s central bank cited by financial media, as concerns over the economic impact of the war in Ukraine fuel demand for cash.
The withdrawals, equivalent to about 286.4 billion roubles, followed net outflows of around $11.8 billion in June and July, according to the reports.
The accelerating withdrawals are putting pressure on Russian banks’ liquidity and have raised concerns among banking executives that cash demand could approach levels seen in the aftermath of Russia’s invasion of Ukraine in 2022.
Analysts and former officials cited in Russian media said the withdrawals reflected growing public anxiety over the economy, the war and the possibility that the government could seek greater access to private assets to help finance its spending.
Frequent Ukrainian drone attacks inside Russia have also added to concerns about the security situation and economic stability.
Russia’s banking sector has remained under pressure from high interest rates, rising corporate and household debt and the economic effects of Western sanctions and the war.
The Central Bank of Russia has not announced any measures to freeze household deposits or impose limits on cash withdrawals.
The latest figures come as Moscow faces growing fiscal pressure from elevated military spending and weaker energy revenues, increasing scrutiny of the resilience of the Russian financial system.
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