As the coronacrisis reached Russia this spring, ordinary citizens and business turned to cash to guard against the uncertainties of 2020. By early October, an estimated 12.1 trillion rubles were in circulation. While cash holdings have been on the rise for the better part of the last decade in Russia, the growth rate of cash holdings outside the banking system (a.k.a. M0) quadrupled between March (7.1%) and October (28.3%).
Definitions:
M0 - cash money in circulation outside the banking system.
M1 - M0 + Transferable Deposits
M2 - M1 + Other Deposits
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