The introduction of a new banknote of 100 rubles into circulation may take a long time due to the withdrawal of banking equipment manufacturers from Russia. Kommersant writes about this with reference to market participants.

According to the newspaper, ATMs, terminals and cash registers must be “trained” to recognize new banknotes. Usually equipment manufacturers are engaged in this setting, however, NCR and Diebold Nixdorf, which account for 60% of ATMs in Russia, have suspended deliveries and services in the Russian Federation.

Kommersant’s interlocutors believe that “taking into account the geopolitical situation” developments for the Russian market are unlikely to be a priority, and some companies may even refuse to service new banknotes.

One of the experts interviewed by the newspaper expressed confidence that the process of switching to a new bill will take several years. He probably had in mind the launch of the transition process, since the terms for directly replacing old banknotes with new ones are estimated at ten years by the Central Bank itself.

The Association of Banks of Russia asked the Central Bank to delay the issuance of new banknotes back in April. Introducing the new bill at the end of June, Deputy Chairman of the Central Bank Sergei Belov mentioned “fears of market participants” about the reconfiguration of equipment and said that the Central Bank does not specifically set deadlines. “If it usually takes six months or a year to adapt equipment, then here we will meet the banks halfway,” he said .

(C)MEDUZA 2022