As follows from the Central Bank's report "On the Development of the Banking Sector", the outflow of deposits from banks has been going on since last autumn. At the same time, current accounts are being cut.
“They 'lost weight' by 287 billion rubles, while deposits decreased by 192 billion”, - reports finanz.ru.
In total, since the beginning of the year, the amount of money of the population in banks has decreased by 447 billion rubles in five months.
A significant role in the capital outflow was played by the low profitability of deposits, which does not keep pace with the inflation rate. After three stages of raising the key rate of the Central Bank, the yield on deposits grew slightly - up to 5%, but the official inflation rate has already reached 6.2%. Moreover, for some types of goods, these indicators are much higher.
In such conditions, residents of the country are massively transferring savings into cash. Their mass has increased since the beginning of the year by 169 billion rubles. To save savings, many people invest in real estate. Those who do not have enough funds apply for loans en masse. Now their total volume for the first time exceeded 22 trillion rubles, while only in May this year, individuals were given new loans in the amount of 469 billion rubles, and since the beginning of the year this figure has reached 2.154 trillion rubles. At the same time, the portfolio growth rate in April was 18%, and in May - 20%.
Banks have to compensate for the outflow of money from the population to the state, as well as to commodity corporations. The total amount of funds allocated by budgets of all levels grew by 800 billion rubles in May - up to a record 8.645 trillion rubles.
Earlier it was noted that against the background of the coronavirus pandemic in Russia, there was an increase in the financial stratification of society. While the 500 richest families own 40% of the country's total income, about 40% of the population has found itself beyond poverty and are forced to constantly borrow money "to paycheck." The poorest segments of the population do not have enough money to cover the minimum basic needs. In conditions when banks refuse to issue loans, 25% of those in need are forced to apply to MFIs with extremely high interest rates, driving themselves into a real financial bondage.