Russians decided to massively withdraw currency from banks

The volume of funds in foreign currency accounts of individuals decreased in September this year by more than a billion dollars (or 1.3 percent), which was a record since March. The Russians took about 400 million dollars from deposits for a period from one month to a year, another 780 million from more long-term ones, writes Kommersant.

According to the publication, the leaders in the outflow of foreign currency deposits were Sberbank ($ 380 million), VTB ($ 275 million), Alfa Bank ($ 90 million), Raiffeisenbank ($ 54 million). According to analysts, financial organizations themselves provoke the outflow.

Clients are faced with near-zero rates, withdraw funds, converting them into cash or into more profitable investment instruments. Experts note that the pandemic also affected the Russians, which provoked a sharp drop in household income and increased unemployment, forcing citizens to print out foreign exchange reserves.

Russians also found it more profitable to invest in real estate, the price of which is growing. The interest of the population in opening brokerage accounts also increased. According to analysts, in the fourth quarter, the outflow of foreign currency deposits can only increase.

In August, the Russians took $ 405.2 million worth of foreign currency from their accounts and deposits. Prior to that, clients replenished their accounts for three months in a row (May-July) (their volume increased by $ 1.36 billion). In August, balances on foreign currency deposits decreased by 0.5 percent, while the volume of ruble deposits increased slightly (by 0.1 percent).

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