In Russia, the growth of the ruble savings market doubled in April

The total market volume of ruble-denominated liabilities in April reached 55.5 trillion rubles, having added 976 billion (+1.8%) in a month. This is twice the increase in March, according to VTB data, which was reviewed by Izvestia on May 22.

According to the forecasts of the credit institution, in May the ruble savings market will increase by another 587 billion rubles. The total savings portfolio exceeded 58.8 trillion rubles in April.

Experts noted that the main growth factor of the market remains the attraction of funds in the national currency. According to the results of the first half of the year, the ruble savings portfolio in Russia will exceed 57.5 trillion (+7.3%), and by the end of the year it may reach 65 trillion (+21%) rubles.

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The bank added that the savings activity of the population remains at a high level — the ruble deposit market grew by almost 1 trillion rubles in April.

"We see that inflation is slowing down, and the economy is gradually returning to balanced growth, creating conditions for lowering the key interest rate. We are waiting for a signal from the regulator about the imminent transition from a tight to a neutral monetary policy. The market is already responding to these "red flags": yields on short—term deposits are outpacing long-term ones, and the trend towards lower rates is intensifying," said the head of the department.

Earlier, on April 24, it was reported that seven of the 10 largest banks lowered deposit rates. The average return on deposits for a period of three months to a year turned out to be close to 19%, which is 2 percentage points (pp) lower than the key one. The rates on semi-annual deposits decreased by 0.8 percentage points, to 19.5%. Deposits used to yield the highest returns for six months, but then they equaled interest on short terms.