07.02.2025, 08:09
Russians have become less likely to save money in a "toxic" currency.
Source: OREANDA-NEWS
OREANDA-NEWS Russians have become less likely to save money in "toxic" dollars and euros. This is reported by the Izvestia newspaper with reference to data from the Central Bank.
The share of foreign currency deposits of Russians has fallen below seven percent, the lowest level in the last 17 years. In 2024, it decreased to 6.8 percent, and the total volume of deposits reached 40.4 trillion rubles, said Alexey Tarapovsky, founder of Anderida Financial Group.
The Central Bank explains the trend by maintaining sanctions and higher rates on ruble deposits. For deposits in domestic currency, the average yield is 18-21 percent per annum, and in dollars it is only up to 1.5 percent, said Natalia Milchakova, a leading analyst at Freedom Finance Global. Due to the sanctions, banks began to impose fees for maintaining foreign currency accounts, which are sometimes comparable to the returns on deposits, added Anna Zemlyanova, chief analyst at Sovcombank.
In addition, new restrictions from the United States and the EU could theoretically ban Russians from any currency transactions. And a number of banks refuse to accept dollars and euros, as they do not conduct transactions with them, explained Vitaliy Kostyukevich, director of Absolut Bank's retail business department.
According to the financial marketplace Finuslugi, in 2024, the average size of Russian deposits increased by almost 22 percent year-on-year, reaching 500 thousand rubles by the end of December. The average amount of deposits on this marketplace increased by 21.65 percent, or 89 thousand rubles, according to the results of last year. In January 2024, the indicator was at the level of 411 thousand rubles.
The Central Bank called the idea of freezing Russian deposits absurd. The regulator stated that they did not see the need for this. The implementation of such an initiative, as noted in the Central Bank, will undermine the foundations of the banking system of the Russian Federation and will become a threat to the financial stability of the country. In this scenario, citizens will refuse to place funds in banks, which will immediately "put an end to the ability of financial institutions to lend to the economy."
The share of foreign currency deposits of Russians has fallen below seven percent, the lowest level in the last 17 years. In 2024, it decreased to 6.8 percent, and the total volume of deposits reached 40.4 trillion rubles, said Alexey Tarapovsky, founder of Anderida Financial Group.
The Central Bank explains the trend by maintaining sanctions and higher rates on ruble deposits. For deposits in domestic currency, the average yield is 18-21 percent per annum, and in dollars it is only up to 1.5 percent, said Natalia Milchakova, a leading analyst at Freedom Finance Global. Due to the sanctions, banks began to impose fees for maintaining foreign currency accounts, which are sometimes comparable to the returns on deposits, added Anna Zemlyanova, chief analyst at Sovcombank.
In addition, new restrictions from the United States and the EU could theoretically ban Russians from any currency transactions. And a number of banks refuse to accept dollars and euros, as they do not conduct transactions with them, explained Vitaliy Kostyukevich, director of Absolut Bank's retail business department.
According to the financial marketplace Finuslugi, in 2024, the average size of Russian deposits increased by almost 22 percent year-on-year, reaching 500 thousand rubles by the end of December. The average amount of deposits on this marketplace increased by 21.65 percent, or 89 thousand rubles, according to the results of last year. In January 2024, the indicator was at the level of 411 thousand rubles.
The Central Bank called the idea of freezing Russian deposits absurd. The regulator stated that they did not see the need for this. The implementation of such an initiative, as noted in the Central Bank, will undermine the foundations of the banking system of the Russian Federation and will become a threat to the financial stability of the country. In this scenario, citizens will refuse to place funds in banks, which will immediately "put an end to the ability of financial institutions to lend to the economy."
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