Mass media: clients of Russian banks transferred the majority of foreign currency deposits abroad

This is reported by Vedomosti with reference to the reports of the Bank of Russia. As of December 1, the deposits of Russians in foreign currency amounted to 8.4 trillion rubles, or 21% of all deposits of the population.

The total amount of deposits of Russians transferred to foreign banks reached 5 trillion rubles. This is 12.4% of all deposits in Russia and 58% of all deposits in foreign currency, Kommersant reports.

Before the start of the military special operation of the Russian Federation on the territory of Ukraine, monetary savings were stored differently. As of February 1, 2022, 75% of the foreign currency savings of Russians (7 trillion rubles) were kept on deposits in the territory of the Russian Federation, and only a quarter of all savings (2.4 trillion rubles) were useful for the share of foreign banks.

The number of foreign currency savings of citizens during the sanctions decreased by only 1 trillion rubles – from 9.4 to 8.4 trillion. However, the geography of investing money earned in Russia has changed: more and more large sums are transferred to banks outside the Russian Federation.

Experts attribute this to a sharp outflow of wealthy depositors from Russian banks against the background of the military operation. By withdrawing capital, citizens react to the changing geopolitical situation.

Those countries that accepted the flows of migrants from the Russian Federation against the background of the partial mobilization announced in the country on September 21, felt a significant inflow of capital: migrants from the Russian Federation brought their savings with them and invested them in the economy of the host countries. Against this background, the GDP of a number of countries – for example, Georgia - showed multiple growth.