Russians keep 4.445 trillion RUR in banks

23 October 2007 (08:05)

The Bank of Russia published some data on the amount of money that individual customers deposited in the Russian banks in 2007. The volume of deposits set up by natural persons keeps growing; Russian citizens were reported to have trusted the banks a total of 4.445 trillion RUR by August 1, 2007.

«People come to realize that there is simply no point in keeping one’s money at home: it will only be devaluated because of inflation. Apart from that, keeping your savings around the house is outright dangerous. It’s good to know that our bank’s attempts to make the general public more financially literate are now starting to pay off. There are plenty of Russians out there who are aware of the deposit insurance system», SKB-Bank’s Deposits Director Denis Belogurov observes.

«Ruble deposits valid for 1 to 3 years are still enjoying the greatest demand, as Russian citizens placed more than 2.4 trillion RUR with the banks in January-August 2007 using this deposit type and only .5 trillion RUR using the ruble deposits valid for six to twelve months. Every one in seven people keeps their savings in either euros or dollars; the volume of foreign currency deposits amounted to .6 trillion RUR in August 2007», he notes.

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