The amount of deposits of Russians will increase by 5-10% in the second half of 2024. This forecast was given to socialbites.ca by Professor of the Advertising Department of Synergy University, Candidate of Economic Sciences Sergei Zainullin.
According to his assessment, the Central Bank’s interest rate increase from 16 percent to 18 percent could strengthen this process, after which the total amount of deposits could increase by 10-15 percent.
“Now the return on deposits has already reached 18-20%, which is significantly higher than the average return on investments in other instruments (stocks, bonds, real estate). In addition, up to 1.4 million bank deposits in a separate bank are insured by the Deposit Insurance Institution, and the return on deposits totaling up to 1 million rubles is not taxed,” the economist explained.
According to him, there will be no more depositors: Russians will prefer to transfer funds from other assets to banks, change deposit and savings accounts by type and maturity, transfer from one bank to another.
Zainullin described the deposit as the simplest and least risky instrument.
According to research by the Central Bank of Russia, total deposits of Russians increased from 37 trillion rubles in the first quarter of 2023 to 47 trillion rubles in the first quarter of 2024.
Earlier “socialbites.ca” appreciated Return on deposit after increasing the key rate.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.