CBR Explains Drop in Private Savings at Banks

UrBC, Moscow, June 24, 2019. The Central Bank of Russia pointed to two primary factors behind the drop in private customers’ bank savings (from 10.7% down to 6.5%) last year, the bank’s recent report on the state of affairs in the banking sector in 2018 says.

A change in people’s behavioral patterns in combination with the shrinking share of savings in their income management structure (from 8.1% in 2017 down to 5.6% in 2018) is stated as the first factor.

People’s growing interest in alternative ways of investing money (real estate and stock market) is stated as the second one.

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