the Russians, having gone into self-imposed isolation, brought the necessary cash. According to the Bank, since the beginning of March investors cashed out a record amount of savings of 1.43 trillion rubles. The volume of “real” money, caught in the hands of the population, since the beginning of the year increased by 362 billion. In times of economic uncertainty, the citizens decided that the safest place to hold funds under his own pillow. However, there money will be short lived, experts warn. The “stash” most Russians are that easy to melt for two to three months.

During the isolation the Russians were removed from their accounts somewhere in the $ 700 billion in a month. As reported by Central Bank total customers credit institutions on average are removed from the accounts from 10 to 50 billion roubles a day. At the end of March, when the regime of self-isolation was only declared spending bore the character of panic. Most popular the March purchases of Russians: buckwheat, rice, sugar, dumplings, cleaning products, toilet paper. Since then the panic has passed, but the desire of people to leave in the cache will not go away.

the Head of the Central Bank Elvira Nabiullina said that in April it recorded a spike in demand for cash from the Russians. “We have had an increase in the volume of cash in circulation. This is due primarily to the fact that our people were hoarding cash and to higher purchases to make, and in order to prepare for isolation,” she said.

Independent experts not in all agree with this assessment. Record high demand for cash in March and early April, the Deputy head of IATS of “Alpari” Natalia Milchakova explains several factors. First, the fear of introduction of state of emergency in the country in which, perhaps the banks could suspend the work. Second, the collapse of the ruble in mid-March, when the population, on the one hand, were shifted in foreign currency, with the other preferred to keep cash rubles homes for fear of job loss in the beginning of the crisis. Actually, the last factor is not lost for millions of our fellow citizens its relevance today.

“the people feared and continues to fear that the country will be then impossible to use cards or withdraw money. This was already in 90-e years when there were huge queues in front of banks, — expresses the opinion the head of analytical Department AMarkets Artem Deev. — It is also unknown how long the regime isolation, and to buy food, pay utility bills and loans you need, no matter how fallen incomes”

of Course, another important factor leading to outflow of money from banks, was the announcement that the interest on deposits and deposits in banks will be subject to personal income tax, 2021, if the amount exceeds 1 million. Accordingly, those investors who were lucky enough to meet the current crisis with a similar amount in the accounts, I hurried just in case to take it in whole or in part from Bank to avoid any threats of taxation.

in addition, a fair amount of panic in the ranks of investors have sown the recent rumors that the authorities are allegedly considering the possibility of freezing of deposits of individuals, to raise funds for the restoration of the economy. These rumors have repeatedly denied, but there are always those who think that the smoke without fire does not happen…

“the Additional negative factor for investors is the return of the downward trend in interest rates on deposits in connection with the reduction of the key rate of the Central Bank. So to keep funds in banks is unprofitable,” — said Milchakova.

Artem Deev is more optimistic: he believes that within a few months, as the economy of coronavirus hibernation, the population will begin to return part of the funds back to your Bank account.

However, polls show that these lucky ones in the country, a minority, over 60% met the crisis of not having savings, and 27% believe they will be able to stretch at the expense of their Bank reserves are not more than two or three months.