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Russians have increased the volume of cash in banks by one trillion rubles
The Russian market for deposits and current accounts of individuals increased by one trillion rubles in 2020. In percentage terms, the increase is estimated at 3-3,3%.
VTB experts analyzed the results of 2020 and found that in the crisis year 2020, the behavior of depositors has changed. At the same time, the portfolio of deposits, savings and current accounts of individuals in Russian banks at the end of the year increased to approximately 31,5 trillion rubles.
Maxim Stepochkin, head of the Savings Department of VTB, noted that although the volume of time deposits decreased by 10%, the market for savings and current accounts grew by more than 40%. The depositors relied on long-term investments because the Central Bank has lowered the key rate, which means that interest rates on time deposits have also decreased.
The decrease in the key rate, the depreciation of the ruble, as well as the uncertainty caused by the pandemic led to the fact that one part of the population decided to cash out their savings, while the other increased their liquidity by transferring funds from medium-term and long-term deposits to short-term deposits and savings accounts. As a result, such investors turned out to be the majority. The third group of depositors shifted their savings from conservative savings instruments to more profitable ones. This was reflected in the rapid development of the private investment market.