Deposits were afraid of devaluation

Volume of foreign currency deposits in Russian banks in July increased by 3.4%, or 64.1 billion rubles. - Up to 1.971 trillion rubles. in rubles. The volume of ruble deposits grew by only 1.3%, or 58.3 billion rubles. and reached 4.643 trillion rubles., said Tuesday the Bank of Russia. Thus, the growth rate of foreign exchange deposits in July were at 2.6 times higher than the ruble. Total deposits in July increased by 1.9% - up to 6.614 trillion rubles. Since the beginning of the year - by 12%, or 707 billion rubles. Foreign currency deposits grew faster than the ruble for the first time since February, when the deposits in foreign currency increased by 1.9%, and in rubles - at 1.6%. Prior to that, for three months against a background of falling ruble population also sought to make savings in foreign currency. January 22 Central Bank announced the completion of the devaluation, and in the spring of ruble deposits started to grow deposits in foreign currency - to decline. In June, when the ruble has ceased, and analysts are talking about a second wave of devaluations, the amount of foreign currency deposits rose again to 1.4%, ruble deposits grew by 3.4%. Last pessimistic forecast from KIT Finance - devaluation of 20-25% and the dollar costs about 40 rubles. by the end of the year. Alfa-bank will not rule out that the ruble will fall to ? 35-38,4. per dollar. Finance Minister Alexei Kudrin said in August assured that there is no reason for the devaluation, while oil prices are high. The day before he announced that Economic Development has raised the forecast for the price of oil to this and the next three years. But during the summer, the ruble has fallen against the currency basket and the last three months of the loss amounted to 1.5 rubles. (Value of the basket to 38 rubles.). In August, the ruble became cheaper in the background of rising in price of oil. As a result of seven months of this year, according to statistics from the Central Bank, foreign currency deposits grew by almost 397 billion rubles. Or more than a quarter. Ruble deposits have increased by 310 billion rubles., Or 7.2%, a growth rate of foreign currency deposits were higher than the ruble in 3,5 times. The share of foreign currency deposits in total deposits in July reached 29.8% compared with 29.4% a month earlier. Earlier this year it was 26,7%, the maximum was recorded up to February - 34%. Highest demand in July enjoyed long-term foreign currency deposits - they rose by 3.7%, while the ruble - by 1.1%. Short-term foreign currency deposits (up to one year) in July increased by 2.8%, similar to the ruble - by 1.5%. Deposit Insurance Agency, meanwhile unveiled a new forecast of growth of deposits in the current year. Experts estimate that the volume of deposits may increase by 22-24%, whereas the previous forecast called for growth of deposits at the level of 14-18%. Conditions of such a scenario, noted in the DIA, is a stable macroeconomic environment, the positive rates of income growth, decline in consumer credit and the relative stability of the ruble against a basket of currencies before the end of the year.