Russians Hoard Record US$500 Billion in Banks Lured by High Rates

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Russian households have accumulated a record amount in the form of bank deposits, taking advantage of high interest rates on savings accounts, writes Bloomberg. Data published on Tuesday by the Central Bank of Moscow shows that deposits of individuals increased by 8% in the first seven months of the year, to 43,600 billion rubles (542 billion […] The article Russians keep over 540 billion dollars in banks, attracted by high interest rates on dep…

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Bank deposits of the population in Russia have reached a record high, growing sharply in the past two years due to very high interest rates imposed by the Central Bank to control inflation. Russians have come to hold about $759 billion in accounts and deposits, double the amount of Russian assets frozen abroad after 2022.

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The Russians have recorded a record increase in the total amount of bank deposits, using high interest rates: during the first seven months of 2025, physical deposits rose by 8 per cent, reaching 43.6 trillion roubles ($542 billion), according to a report from the Bank of Russia.