Russians’ savings in foreign currency grew to $92.7 billion

Citizens' savings in foreign currency accounts increased by 1.2% in June to reach the highest level since February 2020, when Russians’ savings in banks amounted to $94.3 billion, RIA Novosti reports based on the analysis of the statistics of the Bank of Russia.

The pandemic began in March 2020. During the first month, the outflow of foreign currency from Russian banks soared to a $5 billion record.  

The growth of foreign currency savings of individuals in June was driven by current accounts, which were replenished by 4.9% by the end of June to a historical maximum of $34.7 billion.

Meanwhile, deposits continued to decline gradually to drop by another 0.9% and reach $58 billion by the end of June, the minimum value since October 2011.

At the same time, deposits in foreign currency reached USD85.9 billion in February 2014, a record high value throughout the entire follow-up period.