The introduction of a 10,000-ruble note in Russia could be a useful tool for savings, but it carries the risk of developing a shadow economy. This opinion was expressed in a comment for TASS by Kirill Chernovol, Researcher at the Gaidar Institute's International Best Practices Analysis Department.
"The reason for this was an appeal by State Duma deputies from the New People faction to Central Bank Governor Elvira Nabiullina with a proposal to issue such a banknote.
The expert noted the dual effect of such an initiative. On the one hand, “as a means of accumulating money, a 10,000-ruble bill can be useful,” Chernovol acknowledged. At the same time, he clarified that the practice of long-term cash storage is irrational in itself.
On the other hand, “the introduction of a new high-denomination banknote could be associated with the development of the shadow economy,” the expert stressed. He explained that the main problem for central banks is controlling the circulation of such banknotes, and their issuance “could contribute to the development of the shadow economy, including the risks of money laundering.”
As an example, Chernovol cited the European Union's rejection of the 500-euro banknote in 2019, which was linked precisely to these risks. In contrast, he mentioned Switzerland, where the 1,000-franc note remains an instrument of savings.
The expert also added that, despite the global trend toward growth in digital payments, the importance of banknotes as a means of saving is growing in parallel around the world.