in the first quarter of 2023, the increase in financial investments of the population amounted to 1.6 trillion rubles, and its liabilities – 1 trillion rubles.

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Bank of Russia data on expanded household savings (net acquisition of financial and non-financial assets) record that in the first quarter of 2023, the growth in financial investments of the population amounted to 1.6 trillion rubles, and its liabilities – 1 trillion rubles. As a result, the total financial assets of households grew to 132.5 trillion rubles as of April 1, 2023. with the accumulated 33.4 trillion rubles. obligations. In the first quarter, the population mainly invested in cash and deposits (plus 701.6 billion rubles), as well as securities and other forms of participation in capital (plus 688.5 billion rubles), they tell the Central Bank about the preferences of citizens (see . schedule). The volume of resources of individuals on escrow accounts has also grown significantly – up to 35.2 billion rubles. against an outflow of 19 billion rubles. in the fourth quarter of 2022.

At the same time, as the regulator notes in a draft report posted yesterday for public comment, it took three months to fully return deposits to the banking system during the 2022 crisis, while in 2014 it took only one. The process could be accelerated by holding the key rate at 20% for a longer time, but this would be less justified, since it would result in increased interest rate risk for banks, the regulator adds.

In the first quarter, the increase in household funds on deposits (418.8 billion rubles) occurred as a result of an increase in fixed-term ruble deposits by 524.4 billion rubles. and deposits in non-resident banks by 424.8 billion rubles. Deposits in foreign currency continued to decline – by the equivalent of 421.6 billion rubles. for the first quarter of 2023, fixes the Central Bank.

Meanwhile, according to the calculations of Alexander Isakov from Bloomberg Economics, from the beginning of 2022 to May 2023, individuals increased the amount of funds on deposits abroad by $43.5 billion. account for up to 20% of the new money of Russian investors,” he notes. The economist clarifies that part of this money is “spent on the lives of fellow citizens living in these countries”, and the other part will go further – to banks in the EU and the USA or other jurisdictions, where it is better not to have Russia as a starting point of funds. At the same time, the volume of such deposits is growing faster than the volume of deposits in Russian banks.

Artem Chugunov

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