Russia Cash Circulation Growth Slows for Second Month, Easing Liquidity Pressure

The Bank of Russia reported that cash in circulation grew by 370.9 billion rubles in September 2026, down 14.5% from August and 42.4% from July's peak. This marks the second consecutive monthly decline in cash growth, suggesting reduced demand for liquidity and potentially easing inflationary pressures. The trend may reflect stabilizing consumer behavior or improved confidence in the financial system, though the underlying drivers remain uncertain.