Residents deposits’ increased by 52% over four years in Bashkiria

According to the National Bank of Bashkiria, as of May 1, the volume of bank deposits of residents of the republic amounts to almost 654 billion rubles - 52% more than in the first half of 2020 and 28% more by May 2023. The most popular are current savings accounts and short-term deposits with daily interest accrual and the ability to withdraw and replenish.

Analysts point out that this is due to the influence of high interest rates stimulating saving behavior. Nevertheless, consumer lending is growing steadily despite the tightening of monetary policy. In January-April, consumer loans were issued for 178 billion rubles (+33.5% year-on-year).

The issuance of mortgages decreased by 16% and amounted to 50.2 billion rubles. However, this reduction occurred in the market mortgage line due to high rates. Preferential mortgages continue to flourish—people are rushing to take advantage of the program for new buildings at 8% in anticipation of its cancellation from July 1, 2024, and the tightening of conditions does not hinder this.

From July 1 of this year, premiums on risk ratios for unsecured consumer loans will increase, premiums will be established for car loans, and stricter macroprudential limits will be established for unsecured consumer loans. These measures aim to make it unprofitable for banks to issue loans to citizens with a high debt burden.

Author: Elina Akhmetova