‘Significant problems’ in Russian banking system as public withdraws cash en masse

Russians have withdrawn record amounts of cash, creating “significant problems” for the banking system as disruptions to online payments and ATMs drive demand for physical money. Over a recent holiday period, withdrawals hit 210.5 billion rubles, far above the previous year, with cash hoarding continuing for months. Internet shutdowns ordered for alleged security reasons have repeatedly impaired bank apps and card readers. The central bank has raised its forecast for cash-in-circulation and liquidity needs through 2026