Russians withdrew $1.1 billion from banks during the Wagner mercenaries marched on Moscow.
A cashier at the exchange office of the Fora Bank in Moscow, Russia, on July 2, 2023. After the rebellion of the Wagner Group, the ruble accelerated its fall against foreign currencies.Russian business news outlet RBC reported that the money withdrawal during the Wagner mutiny"was the most noticeable surge in demand for cash" since the country announced in September 2022 a partial mobilization of its military for the war in Ukraine.
Russia's Central Bank reported that 500 billion rubles were withdrawn from the nation's banks during the entire month of June, and its figures show that one-fifth of that amount occurred during the June 23-25 timeline of the rebellion. The Central Bank said such increases in cash circulation do not influence its monetary policies, according to RBC.reached out to the Russian Ministry of Foreign Affairs and Russia's Central Bank via email for comment.
The Wagner Group's mutiny was blamed by many economists as a partial cause for the ruble hitting a 15-month low last week when it traded at 93 against the dollar on July 6.
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