The expert named the reasons for the growing interest of Russians in the stock market

Kabakov: mitigation of PREP has made bank deposits less attractive

Mon, 12/08/2025 - 05:14

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The growing interest of Russians in the stock market in the third quarter of 2025 is explained by a combination of several factors. Yaroslav Kabakov, Director of Strategy at Finam IC and lecturer at the Higher School of Business of the National Research University Higher School of Economics, told Izvestia about this.

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First of all, the current trend was influenced by a decrease in the attractiveness of bank deposits against the background of monetary policy easing.

"Falling deposit rates force us to look for alternative ways to maintain profitability, so investors' attention naturally shifts to bonds that benefit from lower key rates and rising costs," the expert explained.

A significant contribution was made by the activity of qualified investors, who accounted for most of the record influx, the source said. It was also reinforced by the rise in the price of already placed securities, primarily debt instruments, which increased the total value of assets in the accounts.

"If monetary policy easing continues, the inflow of funds is likely to maintain a positive trend. Reducing interest rates traditionally increases interest in the stock market, and with stable inflation, relatively predictable geopolitics, and attractive yields on bonds and dividend stocks, growth may continue," Kabakov predicted.

However, the scale of further inflows will depend on a combination of macroeconomic conditions, the behavior of the ruble, and public confidence in financial markets.