Russian banks last month amid pandemic coronavirus infection COVID-19 and downs of the financial markets brought into the country $4.95 billion and 1.13 billion euros in cash.
While the supply of dollars in comparison with February has increased by almost 9.6 times. Over the past six years is a record: more banks imported only in March and December of the crisis in 2014 ($9.5 and $10,15 billion respectively), according to RBC with reference to the materials of the Central Bank of the Russian Federation.
the Import of cash euros in March 2020 has almost tripled compared to February, but a record this volume did not.
“Banks are reinforcing their need for banknotes alone, through the delivery of foreign currency from abroad. They make these deals with foreign correspondent banks,” — says the President of the Moscow international currency Association (mica) Alexey Mamontov.
Russian banks in March to not only replenish the cash in cash, but has gained currency in the market. Therefore, financial organizations have tried to defend against a RAID of depositors in March on the background of the collapse of the ruble, the Russians began to massively withdraw foreign currency from banks clearing accounts with approximately $5 billion.
Recall that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.
21 April the Russian government announced that the value adopted by the Cabinet of Ministers of measures to support the economy already amounted to 2.1 trillion rubles. Prior to that, head of the Ministry of Finance of the Russian Federation Anton Siluanov said that the budget measures for combating coronavirus and its implications in Russia is about 2.8% of GDP. In General, the total volume of fiscal support to individuals and business of all sectors in the context of pandemic coronavirus, the Ministry of Finance was estimated at 6.5% of GDP.
may 11, Russian President Vladimir Putin announced the end of may 12, a single period of days off, entered March 30, in the fight against COVID-19. He also announced the beginning of implementation of the third package of anti-crisis measures, under which the state, in particular, will increase targeted support for families with children, small businesses, individual entrepreneurs and self-employed. In addition, Putin instructed the government to prepare a national plan for long-term development of the economy, the recovery in employment and incomes.
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