The first vice-president of Opora Rossii, Pavel Sigal, admitted that small denomination banknotes could be withdrawn from circulation in Russia. He spoke out about this in an interview with the Prime agency.
Segal assessed the likelihood of the withdrawal of small denominations from circulation and said that at the moment this is unlikely to happen. He explained that the rejection of banknotes is associated with their wear and tear and inactive use due to rising prices or a massive transition to a non-cash form of payment.
The expert called it logical to abolish banknotes in denominations of 50 and 100 rubles. In his opinion, this measure will reduce the cost of printing money. However, the Central Bank (CB) of Russia will not refuse such banknotes, as citizens may experience anxiety in response to such a decision.
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“Secondly, with the gradual spread of non-cash payments, the need for small denominations will decrease on its own over time, and then the Central Bank of Russia will be able to painlessly and gradually reduce their share within cash circulation,” Segal concluded.
Earlier, the Russians were told what to do when receiving a counterfeit banknote in a store. In this case, Aleksey Lyaskalo, Associate Professor of the Faculty of Law at the National Research University Higher School of Economics, advised me to contact the cashier or the police.
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