The volume of cash in circulation in Russia increased by 643.4 billion rubles in July 2026 — this is 43.1% more growth than recorded in June. The indicator has not demonstrated such monthly growth since the beginning of 2026, according to data from the Bank of Russia.
How dynamics have changed since the beginning of the year
The year started with the opposite movement: in January, the volume of cash in circulation decreased by 386.2 billion rubles. However, the trend reversed already from February, and growth became steady. For the period from February to July, the cumulative increase in cash amounted to 2 trillion 547 billion rubles.
What the Bank of Russia cites as the cause
The regulator links the increased demand for cash to two factors. The wording on this matter is contained in the summary of the key rate discussion dated May 7, 2026:
- adaptation of the population and businesses to tax changes;
- mobile internet outages, due to which citizens and companies are forming a cash reserve for current payments, independent of the operation of the digital infrastructure.
The summary notes that in the spring, demand for cash increased, including due to temporary internet disruptions and the population's desire to have a reserve of payment means independent of digital services.
How much cash is currently in circulation
As of July 1, 2026, the total amount of cash in circulation (banknotes and coins) was 21,283.6 billion rubles, of which banknotes accounted for 21,152.1 billion rubles.
At the same time, the share of cash in the broad money supply remains near historical lows: as of the end of June 2026, it was about 14.7%. That is, despite the absolute growth in the cash supply, its share in the total volume of money in the economy remains low — most of the money supply still exists in non-cash form.
Context
Growth of cash in Russia has been recorded for more than one month and is directly related to mobile internet restrictions. Back in April, the volume of cash increased against the backdrop of scheduled communication shutdowns on holidays, which caused banking applications and terminals to malfunction, while cash remained the only reliable means of payment. In May, the increase in the cash supply reached record levels — the highest in the 31 years of maintaining such statistics. July data shows that the trend not only persisted but also accelerated.
Over six months — from February to July — the cumulative increase in cash exceeded 2.5 trillion rubles, making 2026 exceptional in terms of this indicator for the entire history of observations by the Bank of Russia.
AI Opinion
Analysis shows that the current growth in the cash supply is not the first such episode in Russia's recent history. A similar surge in demand for cash was recorded by the Association of Russian Banks in February 2022, when cash turnover grew by a record 1.4 trillion rubles in one day against the backdrop of a sanctions shock. At that time, the population acted on a similar logic: cash was perceived as insurance against failures of the digital infrastructure and banking system.
