The Bank of Russia lowered the estimate of the structural deficit by the end of 2025 to 1.2 to 2 trillion rubles. This is reported in the commentary to the medium-term forecast of the Central Bank.
The regulator indicates that an increase in the volume of cash in circulation this year will lead to an outflow of liquidity from the banking sector. At the same time, the estimate of the growth of cash in circulation in 2025 has been reduced by 0.2 trillion rubles to 0.1–0.5 trillion rubles.
The growth of the liquidity deficit this year will continue to be facilitated by the uniform mirroring of the Central Bank in the domestic foreign exchange market of net currency sales.
