At its best: The Bank of Russia has unveiled a new design for the thousandth bill

On December 26, the Bank of Russia presented a banknote with a face value of 19,000 rubles, made in a new visual solution. The next redesign was the fourth in the history of the bank card. Izvestia investigated why the Bank of Russia is changing the appearance of cash and how relevant it is with the development of electronic payments.

Bridge and tower

On December 26, the Bank of Russia introduced a new 1,000-ruble banknote. The front side depicts the Nikolskaya Tower of the Nizhny Novgorod Kremlin. On the reverse is the Saratov Automobile Bridge, the hydrofoil Meteor-120P and the Kazan Palace of Farmers.

According to Arkady Tracchuk, General Director of Goznak JSC, at a press briefing on December 26, when designing the banknote, the designers were primarily guided by the creation of an artistically holistic image.

Why change the design?

Modernizing the design of banknotes is necessary for a number of reasons.

The primary one is protection against counterfeiting. Technology does not stand still, and attackers have learned how to create better and better copies. In this regard, the Bank of Russia carries out regular work on the complication of watermarks, the introduction of microtexts, the use of protective threads and holographic stripes, the development of optical effects and tactile elements.

Arkady Trachuk stated that the work on ensuring the protection of banknotes from counterfeiting is ongoing. The development is mainly aimed at improving machine-readable security features, including to facilitate work with large amounts of cash, as well as for depositing funds through ATMs. According to him, the set of security features in the new five-thousand-dollar bills fully copes with the task of identification.

The redesign is also due to the introduction of new technologies for creating banknotes with better wear resistance. This is especially true for small denomination banknotes.

In a number of countries, polymer materials are used to make banknotes, but this technology remains the subject of debate. According to Sergey Belov, Deputy Chairman of the Bank of Russia, polymer money is not necessary in Russia. Such banknotes are less protected than paper ones and are used only for low-denomination banknotes.

Kirill Chernovol, a researcher at the Gaidar Institute's Laboratory for the Analysis of Best International Practices, considers the renewal of banknotes to be a typical practice in cash management.

— The Bank of Russia issues banknotes, organizes their circulation and withdrawal. This is done both in connection with the dilapidation of banknotes and to update anti—counterfeiting measures," he comments.

At the same time, regular replacement of banknotes is by no means a form of monetary reform, since such a replacement is usually carried out while maintaining the circulation of old-style banknotes, notes Alexander Abramov, head of the Laboratory for the Analysis of Institutions and financial markets at the Presidential Academy.

"Currently, at least three varieties of 1,000—ruble banknotes are likely to be in circulation at the same time," he told the publication.

A matter of prestige

The image component is also important, says Yulia Makarenko, Deputy Director of the Banking Development Institute.

— "Getting on the bill" became extremely prestigious when the Bank of Russia switched to creating regional series. It also allows Russians to get to know at least visually the sights of other regions and, possibly, stimulate domestic tourism. The introduction of public voting practice increases citizen engagement," she says.

In the near future, the Bank of Russia will decide on the concepts of visual design of 50-ruble notes (with the symbols of the North-Western Federal District) and 10 rubles (with the sights of the Siberian Federal District).

Personal cash

The role of cash in Russia has been declining in recent years, but cash remains an important means of payment and a savings tool for individuals and organizations.

The volume of cash in circulation has been growing over the years, Chernovol draws attention to. So, if on January 1, 2020 it was 10.6 trillion rubles in physical terms, then on January 1, 2025 it was already 18.7 trillion rubles.

— Non—cash payments dominate in everyday payments, for example, according to the Bank of Russia, in 2024 the share of non-cash payments in retail turnover was 85.8%. About 9% of citizens use cash only," he says.

At the same time, the share of cash in retail turnover, according to Alexander Abramov, today is about 12.5%.

— This is still a significant part of the turnover, especially in small shops and in remote settlements. Besides, cash is important for certain categories of the population, for example, pensioners," he believes.

According to experts from the Presidential Academy, the share of cash, including rubles and foreign currency, in household financial assets is 17.8%, which is lower than in 2024 (19.8%).

— It is also a significant amount that exceeds household investments in stocks and bonds, even in aggregate. The population perceives cash as a "safe haven" in case of various financial shocks. Many people still keep their savings "under the pillow," sums up Abramov.