Russians have withdrawn $32 billion to foreign banks since the beginning of the war
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The level of savings of Russians in foreign instruments from the beginning of 2022 to April 1, 2023 increased by 4.1 percentage points (pp), to 19.2%. This is reported by Frank Media.
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According to the Central Bank of Russia, Russians have transferred 2.6 trillion rubles ($32.46 billion) to foreign banks, almost 300 billion rubles to foreign brokers, and keep 1.9 trillion rubles ($23.7 billion) in currency on hand.
The Central Bank of the Russian Federation believes that the vulnerability associated with the placement of citizens’ savings in foreign instruments is still of a limited nature.
Citizens continue to mainly invest in ruble deposits (42.2% saved). Citizens’ investments in shares of local companies also increased by 1.2 trillion. rubles
At the same time, the trend towards a decrease in currency deposits of individuals in Russian banks and an increase in the volume of currency transfers of the population to foreign banks continues to persist.
Read also: Russians stopped buying real estate in Europe and refocused on Turkey, Cyprus and the UAE
In general, for 2022 and the first quarter of 2023, foreign currency deposits of individuals in Russian banks decreased by 3.1 trillion rubles, while the volume of currency transfers to own accounts in non-resident banks for the period amounted to 2.6 trillion rubles, and the volume of cash foreign currency hands grew by 1.9 trillion. rubles
At the same time, the volume of ruble deposits of individuals in Russia in 2022 and the first quarter of 2023 increased by 5.7 trillion. The share of deposits and funds in accounts in yuan in the fourth quarter of 2022 — the first quarter of 2023 grew by 1.2 percentage points. — up to 10.2% of the total volume of currency deposits. The share of ruble deposits in total investments of citizens and funds in accounts increased by 1.3 percentage points. — up to 42.2%.
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Source: Ministry of Finance
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