The outflow of money from banks was stopped by the Central Bank of the Russian Federation.
The outflow of money from the population of Russia from bank deposits in February 2022 amounted to 1.2 trillion rubles. And this is the largest monthly outflow, at least since 2008. And most of the outflow occurred in the last week of the month, namely on February 24, when Russia attacked Ukraine. This was reported by the Central Bank of the Russian Federation.
It is specified that the amount of money that the population keeps in Russian banks decreased in February by 1.2 trillion rubles in absolute terms, in relative terms – they decreased by 3.5%.
The situation changed when the Central Bank of the Russian Federation decided to raise the discount rate to 20%. As a result, banks have raised interest rates on deposits and it has become more interesting to keep money in banks.
If the outflow of money resumes, the Central Bank will raise the discount rate again. What is the risk for the economy? Interest rates are rising not only on deposits, but also on loans. This means that loans for individuals and businesses are becoming unavailable.
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Earlier, the Central Bank of Russia raised the discount rate to 20% . It was noted that the Bank of Russia will make further decisions on the key rate based on the assessment of risks from external and internal conditions and the response of financial markets, as well as taking into account the actual and expected dynamics of inflation.
