The Central Bank sees no reason to start a discussion on the abolition of cash withdrawals

The Bank of Russia sees no grounds for this, Central Bank Deputy Chairman Sergei Belov said in an interview with Izvestia, answering the question whether we should expect a discussion on the abolition of cash in the near future.

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"If you look at the share of cash in settlements, yes, it is decreasing, but in circulation - no. The volume of cash remains unchanged. Two-thirds of this money is in the hands of the population. The rest - in the cash desks of trading and service companies, banks, in ATMs," he said.

In September, Georgy Kornilov, deputy general director for marketing and strategy of Goznak, said at the forum "Payment Business and Money Circulation - 2024" that in Russia by 2030 there may be a discussion about the need for the existence of cash money. He explained this by the fact that payments are mostly made in non-cash form.

"I think the words were taken out of context, it was not about the abolition of cash. Today there are more than 18 trillion cash rubles in circulation, which indicates the demand for banknotes and coins. Some people still prefer cash, and this is absolutely normal. And our task is to provide people with the opportunity to choose," said Sergei Belov.

Read more in an exclusive interview with Izvestia:

"The Bank of Russia sees no grounds for starting a discussion on the abolition of cash"