Cash in circulation soars 15 percent since year’s start

May 15, BPN. The National Bank has said cash in circulation rose nearly 15 percent in Belarus since January to 7.9 billion rubels ($3.1 billion) on May 1.

Demand for cash is fueled by uncertainty, lack of trust in the banking system, shady dealings or other factors.

The regulator said cash at other depository institutions increased 8 percent to 1.8 billion rubels.

Meanwhile, banks’ required reserves dropped 6.87 percent to 7.7 billion rubels.

The central bank’s net foreign assets grew 6.43 percent to 20.8 billion rubels in the first four months of the year.