Russians' deposits in banks has grown to 57.6 trillion rubles

The Bank of Russia reports a significant inflow of citizens' funds into banks. After some outflow in January, they grew by 1.9% (1.1 trillion rubles) in February. Currently, Russians have a total of 57.6 trillion rubles in their accounts. The Central Bank believes this is partly due to the indexation of pensions and child benefits from February 1.

It is noted that the volume of funds in term deposits has grown most significantly (+0.8 trillion rubles). The inflow of funds into current accounts was significantly less (+0.2 trillion). Despite a 0.6% reduction in deposit rates in February, this method of saving remains popular. The volume of foreign currency funds has grown slightly, by only 14 billion in ruble equivalent per month. After a decrease in January, some revival of the mortgage market and a reduced volume of housing being commissioned led to increased funds in escrow accounts (+166 billion rubles).

Author: Roman Yakimchuk