The volume of foreign currency deposits of citizens decreased to a ten-year low

News
The volume of foreign currency deposits of citizens decreased to a ten-year low
The volume of foreign currency deposits of citizens decreased to a ten-year low
24 November, 12:17Economy
By November 1, 2022, the amount of Russian money in foreign currency accounts and deposits in domestic banks fell below $60 billion, which was the lowest since 2012.

According to RBC, referring to the data of the Central Bank, on October 1, foreign currency deposits in dollar terms were at the level of $63.4 billion, within a month they fell by another $3.7 billion. As of February 1, 2012, the volume of citizens' deposits in foreign currency was at $69.2 billion. No earlier data available.

The peak months of the outflow of foreign currency from the deposits of individuals in the country were March, when $8.7 billion was withdrawn from the accounts, April - minus $9.9 billion, and September - minus $7.2 billion.

According to experts, in the coming months, the outflow of deposits is unlikely to become as strong as was observed in September. The devaluation of liabilities takes place through several channels: moving away from “toxic” currencies towards the ruble (and yuan), transferring them to accounts in foreign banks. At the same time, there is another trend - the flow of funds to deposits in resident banks.

In early November, the head of the Russian Central Bank, Elvira Nabiullina, pointed out that the recent outflow of Russian funds from banks is associated with increased anxiety due to rising geopolitical tensions. Similar surges in demand for cash were already noted during the pandemic and last spring.

Found a typo in the text? Select it and press ctrl + enter