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

The deposits market boomed over the past two years as the central bank raised the key rate to a record 21%

- Bloomberg

Russian households have amassed a record amount of bank deposits as they take advantage of historically high interest rates for savings accounts in the wartime economy. Deposits held by individuals grew 8% in the first seven months of the year to reach 43.6 trillion rubles ($542 billion), according to Bank of Russia data published Tuesday. In total, Russians now hold 61.1 trillion rubles in d