The volume of funds of Russians in foreign banks has reached an all-time high

In November, the volume of deposits abroad increased by 1 trillion rubles (11.9%), and since the beginning of the year it has grown by almost 2.2 trillion rubles (33%). Furthermore, almost all of this growth was due to the revaluation of the exchange rate: in November, the ruble weakened against the dollar by 11% and against the Chinese yuan by 8.4%, the Central Bank noted.

They also indicated that the increase in Russians’ money in deposits in foreign credit institutions varies greatly from month to month. In 2024, the inflow of money from deposits in foreign banks ranged from 40 billion to 100 billion rubles per month. The Central Bank noted that this amount may include money spent on the purchase of real estate and foreign goods in foreign online stores.

In addition, the Central Bank shared data on the volume of cash in the hands of the population. According to the regulator, in January-November 2024 it increased by 15%, to an amount equivalent to 10 trillion rubles, while the volume of cash rubles decreased from 16.2 trillion to 15 trillion rubles.

Against the background of growing deposits in foreign credit institutions, Russians reduced their foreign currency deposits in Russian banks, but since 2024 the volume has consistently remained at the level of 4 trillion rubles, according to data from the regulator.

On January 13, the Bank of Russia denied rumors about a possible deposit freeze and called the idea absurd. The regulator emphasized that freezing deposits is a serious violation of the rights of citizens and companies, and can also undermine the foundations of Russia’s banking system and financial stability.