Russia, record withdrawal of liquidity from current accounts

2020-12-17T20:04:26.699Z

During the pandemic, Russian citizens withdrew a record amount in rubles from current accounts, corresponding to approximately 16.8 billion euros. The vast majority of withdrawals relate to withdrawals from current accounts in foreign currencies corresponding to 9 billion dollars. The trend was conditioned by low interest rates on deposit accounts. According to some polls, wealthy Russians, who withdraw cash, prefer to invest it in the brick or in the stock exchange. The data of the withdrawals made concern the period from January to October 2020. It is assumed that by the end of the year the further outflow of liquidity could amount to 200-300 billion rubles, equivalent to 2.2-3.3 billion of Euro.