During February 2022 funds of the population in banks decreased by 1.2 trillion rubles, according to the website of the Bank of Russia.

"In general, in February, funds of the population decreased by 1.2 trillion rubles, or 3.5%. Mostly in the last week of the month," said the regulator.

The outflow is due to the fact that the sanctions created a negative information background, which contributed to an increase in Russians' demand for cash, the Central Bank explained.

However, after the key rate rose to 20%, there was an increase in deposit rates. This made it possible not only to contain the outflow of funds from banks, but also to restore the inflow of money to fixed-term ruble bank deposits, the Central Bank says. This helped stabilize the demand for cash.