Cbank: Demand for cash led to 500 bln rbl liquidity outflow in Jun

MOSCOW, Jul 11 (PRIME) -- Demand for cash grew in June and led to a 500 billion ruble outflow of liquidity from banks, including an outflow of 100 billion rubles on June 23–25, the central bank said in a statement on Tuesday.

“Demand for cash increased in June and led to a 500 billion ruble outflow of liquidity, including 100 billion rubles on June 23–25. The increase of cash in circulation does not lead to problems for the monetary policy,” the regulator said.

The authority also maintained its forecast for the banking sector’s structural surplus of liquidity ranging at 2.5–3.1 trillion rubles as of the end of the year.

Deposits of individuals with Russian banks grew in June after rising by 11.6% in May because the potential growth of the interest rates on deposits after a possible increase of the central bank’s key rate and a contraction of inflationary expectations of individuals raise attractiveness of deposits, the central bank said.

At the same time, the decrease of households’ foreign currency deposits slowed down in May, the authority said.

The regulator also saw the first signs of a slowdown in retail lending in June while the growth in corporate loans was comparable with the May figures.

(91.4931 rubles – U.S. $1)

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