VTB reported that cash savings among Russians have fallen to their lowest level in six years

The share of cash savings among Russians has fallen to a six-year low. This was announced by Deputy President - Chairman of the Management Board of VTB Georgy Gorshkov on December 4 within the framework of the 15th VTB Investment Forum "Russia Calling!".

"According to our estimates, the share of cash rubles in savings and investments, excluding pension and insurance products, is currently about 15%, i.e. about 15.9 trillion rubles. This is a historical minimum over the past six years," the press service of VTB quotes Gorshkov.

VTB Deputy Chairman of the Board pointed out that by the end of the year, this percentage may decrease by a few more points. He also expressed the opinion that about 350 billion rubles in cash will move to bank accounts this year.

Earlier in the day it was reported that by the end of 2024 the retail savings market in the Russian Federation will grow by a record 26% and reach 56.4 trillion rubles. Gorshkov noted that the absolute majority of savings Russians keep in rubles. This year, the market portfolio of retail liabilities in the national currency will increase by 28% and amount to Br52.6 trillion.