Central Bank of Russia expects gradual growth in cash supply in 2026-2029

MOSCOW. Aug 31 (Interfax) - The Central Bank of Russia expects a gradual increase in the amount of cash in circulation in 2026-2029, according to the draft monetary policy guidelines.

The Central Bank said "cash growth is a natural process."

"When the economy grows, the money supply and the amount of cash in it increase. It is more important to look not just at the volume of cash, but at its share in the money supply," the document says.

The share of cash in money supply is currently around 15%, compared to around 20% five years ago. A slight increase in the share of cash this year is not at odds with the long-term downward trend, the Central Bank said.

Cash supply grew more in the first half of 2026 than in the same periods of 2024-2025 due, among other things, to lower deposit rates, the public's preference to have cash on hand in the event of disruptions to non-cash payments and other factors, the regulator said.

"A gradual increase in the amount of cash in circulation is expected from 2026 to 2029. However, its share in the money supply will decline," the draft guidelines say.