At the end of November there were almost 54 trillion rubles of domestic funds in time deposits in Russian banks; Since the beginning of the year, “little money” has grown by 8 trillion rubles, twice as much; period in 2023 (4.5 trillion rubles). The Central Bank announced it on December 23.
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Time deposits of the population continue to increase due to rising rates against the background of a high key rate, the Bank of Russia reported. In November, the funds of Russians deposited in banks increased by 1.2% compared to October, that is, 0.6 trillion rubles.
Ruble funds grew only in time deposits (1.46 trillion rubles, +4.2%), whose maximum rates increased by around 1.8 percentage points, to 22% at the end of November, due to the increase in the key rate at 21%.
In November 2024, Central Bank President Elvira Nabiullina said that freezing Russians’ deposits in banks is nonsense and that such scenarios are not discussed.
The issue of freezing deposits was raised by United Russia deputy Evgeniy Revenko. He noted that in the “internet space” a scenario is being discussed in which deposits will be frozen due to the risk that banks will not meet their obligations to depositors. The reasons for this, according to Revenko, are the decrease in lending and the increase in deposit rates.
The head of the Central Bank explained that banks offer high interest rates on deposits due to high lending rates, which are always higher than deposit rates. At the same time, even in the current conditions companies actively apply for loans, despite the high interest rate, Nabiullina emphasized.
- On October 25, the Central Bank’s key rate was increased by 200 percentage points. – to an all-time high of 21%. At the same time, banks increased rates on deposits and loans. According to estimates by the head of the Bank of Russia, Elvira Nabiullina, 116 trillion rubles have already accumulated in the accounts of Russian banks. These funds finance the loan portfolio, which amounts to 122 trillion rubles, said the head of the Central Bank.
Author:
Ekaterina Strukova
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
