Cash is the most reliable, efficient and safe payment instrument that is in high demand. About it as transfers TASS, said the first Deputy Chairman of Bank of Russia Georgy Luntovsky at the international conference “Topical issues of development of cash circulation” in St. Petersburg, commenting on the emergence of new payment methods.

According to first Deputy Chairman of the Central Bank, the world has witnessed the growth of the money supply, it is about 5% annually.

“In Russia in the period from 2011 to 2015 compound annual growth rate of the money supply was 7.6%, which is comparable with countries such as China, United States of America”, – said Luntovsky.

The Bank of Russia sees the danger of deterioration of the quality of money in circulation.
“There is a danger of deterioration of the quality of money in circulation, so you need to pay attention to the sort of cash in commercial structures”, – said the Deputy Chairman of the Central Bank.

At the same event, the Director of the Department of the Central Bank for cash handling Alexander Yurov expressed the view that in conditions of low inflation, cash will be in demand by the public including as a means of accumulation.

We will note, in may this year, MasterCard released data, from which indirectly followedthat the Russians are increasingly abandoning cash in favour of cards (official statistics of transactions in selected countries of the international payment system is not open).

According to this, during the year the share of Russian citizens who pay for purchases credit cards rose from 11% to 15%, and the proportion of those who used to pay cash only money fell from 54% to 38%.

The Chairman of the Central Bank advises to pay cash 18.10.2016

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