Sberbank Executive Reports Rise In Cash Transactions

Sberbank Deputy Chairman Taras Kvartsov expressed concern regarding a trend of operations moving toward cash over recent months. The bank noted that the duration of this trend remains unclear. The statement was made during a discussion regarding savings and credit payments. Sberbank Chief Financial Officer Skvartsov expressed concern regarding the rapid growth of cash turnover in Russia. Skvartsov attributed this trend to recent changes in taxation. The report noted that Russian stock markets moved away from their yearly lows during the evening session. Sberbank Deputy Financial Director Taras Kvartsov reported an increase in cash transactions in Russia. The executive noted that while the share of cashless payments had been increasing annually, the process is now reversing.