24 Jan 2011 17:29

Cash money supply in Russia up 25% in 2010

MOSCOW. Jan 24 (Interfax) - Cash money supply in Russia in 2010 increased by 25% in comparison with 2009 and topped the pre-crisis level, the Central Bank's First Deputy Chairman, Georgy Luntovsky, told journalists on Monday.

"The lion's share of growth is for December," Luntovsky said. He said that total banknotes in circulation at the end of 2010 came to 5.756 trillion rubles while coins came to 35.9 billion rubles. A total of 6.345 billion banknotes are in circulation along with 47.822 billion individual coins. He added that 5,000 ruble notes accounted for around 50% of cash in circulation in 2010.

Luntovsky also told journalists that the CB has no plans to introduce a 10,000-ruble note into circulation.

"So far we believe this to be unfeasible. We aren't working in this area," he said.

Luntovsky added that counterfeit cash in circulation had decreased in 2010. The CB uncovered around 141 million rubles in counterfeit banknotes in 2010. This was a decrease of 10%. He added that CB had uncovered a decent quality counterfeit copy of the 5,000-ruble note but its total number was insignificant.

"We are working on intensifying protection [of the 5,000 ruble banknote]. I think that we will issue a modified banknote this year," Luntovsky said.