The Wagner Group's march on Moscow late last month sparked a massive surge in withdrawals from the country's banks, Russia's central bank said on Tuesday.moved out of banks throughout June, a fifth of that was pulled from June 23-25. That's as the Wagner Group, a mercenary organization led by Yevgeny Prigozhin, turned its forces towards the Russian capital after disputes arose with the nation's top brass.
Though the act ended after a day, the political uncertainty it set off prompted fearful Russians to withdraw $1.1 billion worth of rubles. According to the Russian central bank, that's the highest cash demanded since late 2022, when Russia introduced aThe bank signaled that there were no policy disruptions caused by the liquidity outflows, though it may take the event into account when considering future banking operations.
Wagner's uprising also pushed Russians to search for foreign alternatives to the ruble, with demand for foreign moneySpeaking on Thursday at a St. Petersburg conference, Bank of Russia Governor Elvira Nabiullina indicated and support the ruble's exchange rate. In her outlook, its slide is the cause of an imbalance of trade.
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