Russian banks stocked currency in the background of the pandemic coronavirus and downs of financial markets. In March, they brought into the country nearly five billion dollars in cash and more than a billion euros.

According to Central Bank statistics, the amount of imported foreign currency amounted to 4.95 billion in cash, almost 9.6 times more than in February. This amount was a record. More banks imported only in March and December 2014. In addition, in March banks have imported 1.3 billion euros, almost three times more than in February.

At the end of April it became known that the Russians began EN masse to withdraw foreign currency from credit institutions against the background of the collapse of the ruble due to falling oil prices. In March it was withdrawn about five billion dollars.

the Demand for cash spurred by the news of the introduction of a tax at the rate of 13% on income from Bank deposits and debt securities. Relevant Federal law the President of Russia Vladimir Putin signed on April 1, however act innovations will start only in 2021.

the Tax on deposits will affect only those deposits the profitability of which exceeds one million roubles under the terms of the key rate of the Central Bank, and it will be charged only on the excess of this amount.

Read the story: the Russians devastate the foreign currency deposits in banks