Russian household savings could reach a record 56.3 trillion rubles by end of 2024, says a senior banking official
Georgy Gorshkov, deputy chairman of VTB and chairman of the board, cited a forecast conveyed to a major Russian daily that Russia’s retail savings could climb to 56.3 trillion rubles in 2024, a 27 percent rise and a new high for the segment. The message reflects how households are shoring up liquidity inside the domestic banking system as the year unfolds.
The assessment notes that the retail savings market would extend its growth path in 2024, with deposits swelling as Russians seek safety for their money amid inflation and policy shifts. The 56.3 trillion rubles figure would mark a record for this segment and signals a shift in how households allocate funds between consumption and saving.
In context, the retail debt portfolio rose 23 percent in 2023, showing that borrowing also grew as households and businesses built up financial buffers. The picture of rising deposits alongside higher loan stock suggests a balanced dynamic where lenders fund both consumer and SME needs while savers maintain liquidity.
Most savings remain in rubles. By the end of the year, ruble savings are projected to total about 52.6 trillion rubles, up 29 percent year over year. This emphasis on the home currency underscores a preference for stability among savers even as global markets watch exchange rate moves.
Entrepreneurs have also placed more cash in banks this year. The share of small and medium sized business clients with open deposits has grown by 40 percent since January, a sign that companies want accessible liquidity in a time of uncertainty. Financial professionals describe these deposits as a hedge against future demand swings and policy surprises.
Earlier insights from industry analysts pointed to the profitability of keeping deposits in a bank while interest rates move. The current data from Russia’s retail segment reinforce that point, as banks gain a reliable funding base to support households and firms through uncertain periods.
From a global perspective, the overall magnitude of savings in rubles matters for markets beyond Russia. For readers in Canada and the United States, the scale highlights how large domestic balance sheets can influence currency dynamics, capital flows, and the availability of credit in neighboring markets. It also illustrates how saver behavior can shape bank strategies on product terms and pricing.
Overall, the pattern shows a banking system backed by strong domestic funding. While the numbers remain denominated in rubles and tied to Russia’s specific economic backdrop, the broader trend is clear: robust saving activity supports banks in extending liquidity and managing risk during times of economic uncertainty. Analysts will keep an eye on the saving pace, the evolution of the debt book, and policy developments to gauge possible spillovers into global markets.