The same opinion analyst at BKF Bank Maxim Osadchy. According to him, in previous months, the citizens formed a “canopy” of cash, which is now converted into account. The main contribution to the growth of deposits in foreign currency in may has made Sberbank, which raised $381 million, says Osadchy. He does not exclude that some players still recorded the outflow of foreign currency savings. The majority of Russian banks have not published their balances on 1 June.
“It is possible that some customers bought the currency. This is supported by the fact that the rouble share of deposits of physical persons has decreased,” — said the Director of analytical group Fitch of financial organizations Anton Lopatin. According to him, citizens also have no reason to open new deposits in foreign currency due to low interest rates. These two factors confirm the version flow of ruble savings in foreign exchange, says the interlocutor of RBC.
Sberbank lowered interest rates on deposits in US dollars
Ruble deposits in may decreased slightly: their volume decreased by 0.4%, or 92,14 billion rubles, follows from the data of the Central Bank. As noted by the regulator, the outflow in may was associated with long holidays and lower incomes. In June, the situation has stabilized: retail customers accounts increased by 0.5%, growing balances in rubles and in foreign currency.
See what the banks themselves
- VTB in may recorded a growth of foreign currency deposits by 17%, said the representative. In ruble terms the increase amounted to 28 billion rubles. More than 25% of new deposits in foreign currency were opened with the newly received Bank funds.
- May the flow of money in foreign currency deposits and current accounts in Sovcombank considered insignificant. “About the trend or change it to speak while early”, — says the Chairman of the Bank Alexei Panferov.
- Tinkoff Bank has observed the growth of foreign currency deposits in may and in April, says the representative of group “Tinkoff”. “This is not a flow of funds from one account to another — in April and may we capture the increase in the total balance of attracted funds of physical persons”, — he said.
The amount of funds in foreign currency deposits remained stable and foreign exchange savings in current accounts in may have ceased to decline, said the Director of the Department of design and savings products PSB Natalia Voloshin. “On the eve of the summer season, the population returned to the currency that is in checking accounts, not to keep their savings at home,” she said.
- Bank “Zenith” has not fixed the flow of funds on foreign currency deposits and demand accounts, said his spokesman.
- Raiffeisenbank declined to comment. Other major banks did not respond to a request RBC.
What happens to the profitability of deposits
On customer behavior could be impacted by the falling yield on ruble deposits, noted a senior analyst at Moody’s Semyon Isakov. “The renewed decline in interest rates on ruble deposits, the sharp appreciation of the ruble against the background of still low oil prices and the announced tax on deposits — all of this dramatically reduced the relative attractiveness of ruble savings. Given the new balance real rate of return in rubles and potential risks, the increased part of investors prefer foreign currency,” he explained.
By June the average maximum rate on ruble deposits in the largest banks renewed its historical minimum, having fallen to 5.01% per annum. Central Bank has not yet disclosed information on the profitability of foreign currency deposits in may. According to the latest data, the average weighted rate for deposits in dollars in April, was 0.63% for deposits up to one year, including demand, and 0.85% on deposits from year to year. The yield on dollar deposits fell from the beginning of last year. The weighted average rate on “long” deposits in Euro have risen sharply in January 2020, to 0.72%, and in April fell to 0.24% per annum. The yield of deposits in euros before the year in April, on the contrary, returned to growth — the weighted average rate rose to 0.08 percent, but still remains at a very low level.
Central Bank warned of losses of banks from investments in the Euro
Banks began to stop accepting deposits in euros last summer. Market participants explained that in the conditions of negative rates in the Eurozone are savings products become unprofitable.
In March 2020, some banks have excluded from their rulers deposits in dollars due to the sharp decline rate of FRS of USA. But in may some of our players have improved on savings products in foreign currency, according to reports in the portal banki.ru.
Mitigation of sanitary measures and government support will increase savings activity of the population in June, predicts VTB. In Tinkoff Bank believe that talking about a trend growth of currency savings early. “Markets are still waiting the development of the situation with the virus and the pandemic”, — said the representative of the group.
The Russians for a month took deposits $5 billion
“The total volume of foreign currency deposits still substantially below the level of the beginning of the year, and rapid recovery of this figure is to be expected,” said Proklov from the Agency of the NKR.
Federal and regional
Source: JHU, Federal, and regional overstay anti-virus