The Russians once again rushed to withdraw deposits from banks

the Central Bank of the Russian Federation recorded a new outflow of deposits from Russian banks in may, when the regions began to remove the restrictions imposed in the fight against the spread of coronavirus infection COVID-19.

As follows from the data controller, for the month funds of individuals on deposits declined by 0.1%, or about 31.5 billion rubles on may 1, the amount of funds raised from deposits, made up of 31.48 trillion rubles, RBC reports.

However, specifies the Bank of Russia, outflow of citizens in may, was “typical of this month.” “More spending because of the holidays, and lower incomes due to less number of working days, especially for people on a piecework payment”, — explained the press service of the regulator.

Recall that in April, the customers of Russian banks continued to withdraw funds from the Deposit, taking $1.1 billion as of 1 may, the volume of deposits in foreign currency amounted to us $88,2 billion, over the month it decreased by 1,2%.

the Outflow of funds from foreign currency deposits in April was not as significant as in March. Then on the background of the collapse of the ruble and panic in financial markets, the Russians have taken from the banks $5 billion. However, individuals reduce their savings in foreign currency for the fourth consecutive month since the beginning of year the volume of foreign currency deposits decreased by $8.3 billion, while last year the figure was $8.6 billion (with $of 87.9 billion to us $96.5 billion).

the Outflow of population from deposits in March (without division on ruble and foreign currency), the Bank of Russia is explained by the growth in consumer activity. The Russians have made the purchase in anticipation of restrictions and isolation due to a pandemic coronavirus, and also made large purchases postponed, fearing the growth of prices.

Earlier, on 24 April it was reported that the Russians had begun to withdraw foreign currency from Bank accounts on the background of the collapse of the ruble due to falling oil prices. According to the Central Bank of Russia, balances of foreign currency deposits of the population at the beginning of April amounted to $89,3 billion against $943 billion in early March. Thus, the outflow was $5 billion (5.3 percent), which is the largest figure in the history of the calculus since 2008.

Until then, the Agency Bloomberg referring to data of the Central Bank of the Russian Federation, pointed out that about 1 trillion roubles have removed the citizens from their accounts since the beginning of March — when it became obvious that coronavirus infection country will not pass. While Bloomberg argues that the interest in cash has spurred the President of the Russian Federation Vladimir Putin on the introduction of tax on interest on deposits, as well as “horror stories” about what Russia may restrict the issuing of banknotes in ATMs.

let’s Add that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.

may 11, Russian President Vladimir Putin announced the end of may 12, a single period of days off, entered March 30, in the fight against COVID-19. He also announced the beginning of implementation of the third package of anti-crisis measures, under which the state, in particular, will increase targeted support for families with children, small businesses, individual entrepreneurs and self-employed. In addition, Putin instructed the government to prepare a national plan for long-term development of the economy, the recovery in employment and incomes.

on 27 may, the Minister of economic development (MED) of the Russian Federation Maxim Reshetnikov said that the total cost of anti-crisis measures to support the Russian economy, aimed at combating the impact of the pandemic coronavirus has reached 3.3 trillion rubles.

on 2 June Prime Minister Mikhail Mishustin presented to the President a national plan for vosthe formation of the Russian economy in 2020-2021 years, noting in particular that the cost of the plan will be about 5 trillion rubles.

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