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Retail Deposits in January-August 2021
[Депозиты Населения В Январе-Августе 2021 Г]

Author

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  • Zubov Sergey

    (Russian Presidential Academy of National Economy and Public Administration)

Abstract

The slowdown in the growth rate of retail deposits is due to the policy of low rates of the Central Bank of the Russian Federation in 2020 and the introduction of a tax on interest on retail deposits, which came into force in 2021. The increase in the key rate of the Bank of Russia contributed to an increase in bank deposit rates and allowed to reduce the rate of outflow of funds from fixed deposit accounts. The low level of interest rates on deposits will contribute to the gradual redistribution of retail resources, which will result in an increase in popularity of savings accounts and further promotion of banking products related to investments in the stock market.

Suggested Citation

  • Zubov Sergey, 2021. "Retail Deposits in January-August 2021 [Депозиты Населения В Январе-Августе 2021 Г]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 11, pages 62-65, November.
    • Handle: RePEc:gai:recdev:r21124
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    More about this item

    Keywords

    Russian banking sector; retail deposits; retail escrow accounts; Deposits Insurance Agency; Bank of Russia;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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