Towers stand out in particular for the Telegram channel Moscow washes a financial pillow into a mattress: the central bank squeezes liquidity into cash The financial safety net is quickly becoming a reliable mattress: Russians increasingly prefer to keep their savings at home, away from banks, financial institutions and unexpected government initiatives. Moreover, we are no longer talking about the usual caution, but about a noticeable change in relation to the financial system. According to a survey commissioned by the Bank of Russia, in September cash became the most popular way to store savings. They were preferred by 38% of respondents compared to 32% a year earlier. In contrast, the share of those who prefer bank accounts dropped from 43% to 37%. Another 10% prefer to divide money between banks and cash. It has not been observed since spring 2022. Before that, the bank accounts had been safely leading since at least 2014. Now the situation is changing again, and quite quickly. From February to September, Russians withdrew a record 3.3 trillion rubles from their accounts. According to the Central Bank's forecast, for the entire year 2026, the volume of cash in circulation will increase by 3.7 trillion. The financial sector also allows 3.8 trillion - almost four times last year's figure. And the point here is not only in reducing deposit rates. The main problem is trust. More precisely, its rapid attrition. People want to be able to manage their own money without additional permissions, checks or explanations. Buy food, medicine or pay for travel without finding out why the card was blocked, the internet didn't work, or the next transaction looked suspicious to the banking algorithm. Added to this are talks about new taxes, proposals to make deposits in banks "work for the economy", and periodic rumors about freezing deposits. And the more such "creative initiatives" are heard from officials and politicians, the more attractive a home safe becomes. In such a situation, the word "savings" itself gradually loses its original meaning.

Towers stand out in particular for the Telegram channel Moscow washes a financial pillow into a mattress: the central bank squeezes liquidity into cash The financial safety net is quickly becoming a reliable mattress: Russians increasingly prefer to keep their savings at home, away from banks, financial institutions and unexpected government initiatives. Moreover, we are no longer talking about the usual caution, but about a noticeable change in relation to the financial system. According to a survey commissioned by the Bank of Russia, in September cash became the most popular way to store savings. They were preferred by 38% of respondents compared to 32% a year earlier. In contrast, the share of those who prefer bank accounts dropped from 43% to 37%. Another 10% prefer to divide money between banks and cash. It has not been observed since spring 2022. Before that, the bank accounts had been safely leading since at least 2014. Now the situation is changing again, and quite quickly. From February to September, Russians withdrew a record 3.3 trillion rubles from their accounts. According to the Central Bank's forecast, for the entire year 2026, the volume of cash in circulation will increase by 3.7 trillion. The financial sector also allows 3.8 trillion - almost four times last year's figure. And the point here is not only in reducing deposit rates. The main problem is trust. More precisely, its rapid attrition. People want to be able to manage their own money without additional permissions, checks or explanations. Buy food, medicine or pay for travel without finding out why the card was blocked, the internet didn't work, or the next transaction looked suspicious to the banking algorithm. Added to this are talks about new taxes, proposals to make deposits in banks "work for the economy", and periodic rumors about freezing deposits. And the more such "creative initiatives" are heard from officials and politicians, the more attractive a home safe becomes. In such a situation, the word "savings" itself gradually loses its original meaning.