VTB forecasts 21% growth in the savings market next year

By the end of 2024, the retail savings market in Russia will grow by a record 26% and reach 56.4 trillion rubles. This was announced by Deputy President and Chairman of the Management Board of VTB Georgy Gorshkov on December 4 at the 15th VTB Investment Forum "RUSSIA CALLING!". At the same time, according to him, the growth rate will slow down in 2025, but will be more than 21%, as a result of which the portfolio of retail clients' funds may reach Br68.4 trillion.

He noted that Russians keep the absolute majority of savings in rubles. This year, the market portfolio of retail liabilities in the national currency will increase by 28% and amount to Br52.6 trillion. In 2025, the ruble portfolio of deposits, savings and current accounts will grow by 22.5% and will exceed 64 trillion.

"In 2025, the savings market in Russia will continue its active growth. However, its rates will decrease if the Central Bank (RF Central Bank. - Ed.) plans to soften the monetary policy (monetary policy. - Ed.) are implemented. If inflationary pressure will fall, it will be reflected in the key rate and deposit rates," - added Gorshkov.

Earlier, November 7, it was reported that mostly Russian families keep savings on deposits in banks with state participation (47.4%) and in cash (33.3%). This is stated in a study by the Higher School of Economics. Also Russians keep money in cash currency (4.6%), precious metals and products from them (3.3%), stocks, bonds and other securities (2.7%), cryptocurrency (2.2%).