CBR Explains Drop in Private Savings at Banks

24 June 2019 (09:26)

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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