VTB: the share of foreign currency savings of Russians will fall by half by the end of 2022
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Foreign currency savings of Russian citizens will continue to decrease, and the share of foreign currency in their portfolio of classic savings will be about 10% by the end of 2022, Anatoly Pechatnikov, Deputy President and Chairman of the Management Board of VTB, said at the WEF-2022. According to him, this is two times less than at the beginning of this year.
Anatoly Pechatnikov explained that Russians used to view foreign currency as a relatively stable savings instrument. Now, against the backdrop of restrictions, high inflation in European markets and the United States, as well as almost zero rates on foreign currency deposits, the population’s interest in such savings has practically faded away.
However, by the end of 2022, the portfolio of classic ruble deposits of individuals in Russia, according to Mr. Pechatnikov, may increase to 32 trillion rubles. The growth compared to the beginning of the year will be 15%, which is twice as much as a year ago.
At the same time, in the second half of the year, the growth rate will slow down significantly against the background of lower deposit rates and the gradual transition of the population to a consumer behavior model. He also added that most of the income will go to medium and large purchases, not deposits.
In early August, the Central Bank estimated that Russians had almost $74 billion in foreign currency deposits, or 4.5 trillion in ruble terms. This amount is 23% less than at the beginning of the year. As stated in the July commentary of the Central Bank, the value of deposits in Russia has reached a historic low – falling to 11.5%. The previous minimum was recorded at the end of 2007, when foreign currency accounts were about 13%.
More details – in the material “Kommersant FM” “We didn’t see prospects in foreign currency accounts”.
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