Russian foreign currency deposits were replenished by more than a billion dollars in May-June
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Russian foreign currency deposits were replenished by more than a billion dollars in May-June

22 July , 09:26EconomyPhoto: expobank.ru
In June, the Russians continued to replenish their foreign currency deposits. According to the Central Bank, during the month the volume of funds increased by $ 593 million. In May, citizens put $ 721.1 million on foreign currency deposits.

As of July 1, the volume of foreign currency deposits amounted to $ 89.6 billion.

As of January of this year, Russian depositors kept $ 96.5 billion worth of currency in banks.But in the first four months of 2020, they took $ 8.2 billion from their accounts. They began to return funds in May, deposits increased by $ 721 million.

According to Yegor Dakhtler, an analyst at the Factory of Investment Ideas at BCS, citizens began to return to credit institutions the foreign exchange savings seized during the pandemic and the associated economic instability, despite the low profitability.

- Among the reasons are the fears of the population regarding the further depreciation of the ruble, and these fears are not groundless. In the case, for example, of the second wave of the coronavirus pandemic and the subsequent viral panic, the ruble will show further weakening, - RIA Novosti quotes the expert.

The economic situation will also affect the receipt of deposits. If there is no second wave, the analyst notes, then a gradual inflow of foreign currency deposits can be expected.

“However, more and more citizens are looking towards the stock market, where they can get a higher income”, - said Dakhtler.

As a reminder, in July depositors continued to withdraw money from ruble deposits. The reduction in June was at the level of 104 billion rubles. The real outflow of money is even more looking for a higher exchange rate.

Note that 16% of Russians are going to convert their savings into foreign currency if the Bank of Russia continues to reduce the key rate.

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