Russians maintained their savings trend in July

In July, the portfolio of individual liabilities in Russian banks increased by 793 billion rubles. The savings trend continues despite lower interest rates. Since the beginning of the year, Russian citizens have increased their savings by 6% — now it exceeds 61 trillion rubles, VTB Bank reported on August 12.

They noted that the main driver of the savings market growth is deposits in national currency, which account for almost 90% of the total market growth in rubles. According to analysts, of the almost 800 billion rubles of market growth in July, more than 600 billion accounted for ruble funds.

The growth of savings in the national currency amounted to 7.5% since the beginning of the year. In VTB, the volume of liabilities of individuals has reached 11.2 trillion rubles since the beginning of the year, of which more than 10.6 trillion accounted for ruble investments.

"The savings market continues to grow: although at a moderate pace, it is stable. With the start of the PREP mitigation cycle, we can see how a trend is forming towards investment strategies that can provide higher returns in the long term," said Alexey Okhorzin, Senior Vice President and Head of VTB's Retail Business Products Department.

Nevertheless, deposits remain a clear, accessible and profitable tool for accumulating funds, the expert emphasized. According to him, both retail depositors and investors continue to keep funds in the bank and are in no hurry to give up passive income, which still exceeds inflation.

Long rubles: the government will support the long-term savings of Russians

The changes will help to increase personal financial stability

Dmitry Breitenbicher, a member of the VTB Board, said on June 19 that, based on statistics from the first half of the year, Russians' savings in Russian banks will increase by 6.1% to 61 trillion rubles, and by the end of the year their amount will approach 70 trillion, showing a cumulative increase of 20% over the year. He stressed that high deposit rates remain the main incentive to save money.

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