Posted 3 апреля 2023,, 05:48

Published 3 апреля 2023,, 05:48

Modified 3 апреля 2023,, 06:12

Updated 3 апреля 2023,, 06:12

Citizens have reduced savings on long-term deposits to a ten-year minimum

Citizens have reduced savings on long-term deposits to a ten-year minimum

3 апреля 2023, 05:48
The share of long-term deposits slightly exceeded 20% of retail liabilities of banks.

According to RBC, referring to the data of the Central Bank, the funds of individuals on deposits for a period of one year decreased to 7.92 trillion rubles, which was the lowest since 2013. The volume of long-term deposits of the population in Russian banks decreased by 30.4% last year - by 3.45 trillion rubles.

Foreign currency deposits in ruble terms decreased by 62.4%, to 1.18 trillion rubles, long deposits in rubles — by 24.3%, to 6.74 trillion rubles. Since the beginning of the coronavirus pandemic, the share of long—term deposits in retail liabilities of credit institutions has halved - from 40.5% at the beginning of 2020 to 21.6% on January 1 this year. Since the beginning of last year, October long deposits of citizens have almost halved — from 11.37 to 6.61 trillion rubles, and then recovery growth began mainly due to ruble savings.

According to experts, the mood of depositors last year was primarily influenced by economic instability. In addition, expectations of freezing ruble deposits or forced currency conversion affected. The change in the product line of banks last year also played a role, that is, when the rates on short-term ruble deposits became more attractive than on long-term ones.

Analysts expect an increase in long deposits this year, but this requires geopolitical de-escalation and the preservation of the real profitability of deposits over one year above 0 and above the profitability of short deposits.