The Russians withdrew from foreign currency accounts billions of dollars

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Photo: Maxim Bogodvid / RIA Novosti

The amount of long-term deposits in foreign currency in October in Russian banks fell by 300 billion rubles ($4.5 billion) RBC, citing data from the Bank of Russia.

The volume of short-term deposits and demand deposits in October amounted to 1.37 billion rubles on October 1 against 1.34 billion rubles on 1 November.

At the same time deposits up to one year increased during the month by almost 28 per cent from 1.04 trillion rubles to 1.33 trillion since the beginning of the year grew by half. The share of such deposits for the first time in two and a half years exceeded 30 percent of total foreign currency deposits (excluding demand deposits and deposits up to 30 days).

The jump occurred in October. The growth was six percent, which is more than in all previous nine months. In the beginning of the month, the share of deposits before the year was 24.1%, compared to the beginning of the year the figure was 20.4 percent.

The growth of foreign currency deposits up to one year occurred against the background of strong growth in interest rates on dollar deposits. Banks raised them once in the late summer-early autumn, faced with the outflow of foreign currency deposits. According to experts, the increased share of short-term deposits due to the expectation of rate hikes the us Federal reserve and, accordingly, future interest rates. This reduces interest of investors to dollar long-term deposits.

Earlier it was reported that Sberbank was faced with a withdrawal from the accounts of about $ 1.2 billion. In result, foreign exchange reserves, the country’s largest Bank fell to a three-year low.

Video, photo All from Russia.

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