the Russians are seriously worried about the security of their foreign currency savings. For the fourth month in a row they take from Bank accounts billions of dollars. According to statistics of the Central Bank, only in April the Russians took from banks $1.1 billion, Analysts told us the reasons why.
to supply everyone with the cache of financial and credit institutions have begun to actively bring in foreign currency: in March, the banks brought to Russia of dollars and euros worth nearly ten times greater than in February. One of the main reasons for the outflow of funds from deposits, the falling income triggered by the pandemic. People panicked: it is better to let money under the mattress than in the Bank, which may shopnotes the result of the growing economic crisis.
Unemployment in Russia in April had jumped to the highest in four years at 5.8%. Revenues collapsed, but from obligatory payments of the population had not been freed. Government-proposed minimum benefits are unable to reassure citizens and they fled for their money in the banks if the Deposit cleared on what to feed the family?
In dynamics since the beginning of the year the greatest volume of captured Russians of funds from deposits was in March. So, in January they took $400 million in February and $1.8 billion in March and $5 billion, in April — $1.1 billion.
in Order to meet the increased demand for currency on the background of the pandemic and the collapse of the financial markets, Russian banks have imported into the country $4.95 bln and €1.13 billion reported by the Central Bank. Meanwhile, compared to February, the supply of the American currency has grown almost 10 times. More financial institutions were imported only in crisis 2014. The Bank of Russia also noted that the spring was recorded a surge in demand for cash rubles from the Russians.
One of the important factors that led to the outflow of deposits from banks, was the announcement that the interest on them and deposits in banks will be subject to personal income tax, 2021, if the amount exceeds 1 million rubles (and this applies to foreign currency deposits in terms of rate of rubles). But there were other motives. In particular, people turn a blind deposits, to compensate for lost income due to mass layoffs, wage (it is complaining about 58-60% of workers), layoffs and inflation.
According to leading analyst of the Forex Optimum Ivan Kapustyasky, the growth of demand for dollars was also caused by the decline of profitability of foreign currency deposits due to falling interest rates in the United States almost to zero. It is noteworthy that on this background, accelerated the flow of money in the stock exchange. For the month the brokerage account was opened more than 318 thousand people — almost the same as in March..
“In the near future the outflow of foreign currency deposits may continue. Flow dollars and euros will exchange instruments. In stocks, bonds, exchange traded funds after the sudden collapse remain attractive,” says Kapustyasky��.
However, the stock market game – a lot of relatively wealthy citizens. The majority of Russians, as found by analysts of the Central Bank, is more interested in the dollars as more reliable, in their opinion, the instrument of their savings. It is possible to tell, this tradition has evolved over three decades of market reforms in Russia: the United States dollar at the hearing, even those citizens whose financial literacy is far from perfect.
“the people chose the dollar, first, on the basis of generated during the repeated crises of tradition: if the ruble falls — urgently paracladius in the dollar. Second, because the dollar amid the global crisis has always been seen as a “safe haven”. Third, because the dollar and Euro are readily available in banks, and to exchange rubles for other foreign currencies, e.g. Japanese yen or the Swiss franc, must be ordered in advance at the Bank the relevant amount”, — says Deputy of IAC “Alpari” Natalia Milchakova.
meanwhile, the head of the analytical Department AMarkets Artem Deev advises those who have the possibility to choose in what currency to store your savings, don’t forget about the native RUB. In them, he recommends keeping a third to half of the savings.
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