In russia, Confidence in Long-Term Deposits Has Collapsed

More than 70 % of russians place their savings in deposits with a term of up to six months. Three-month deposits have become the most popular, having accounted  for 33.2 % of the total in October. On the other hand, deposits for more than a year have practically lost their demand, with their share not exceeding 7 %.

This is explained by total distrust of the banking system and the instability of the russian economy. Being wary of long-term risks, russians seek to quickly obtain at least some benefit.

Due to the slowdown in deposit growth, russian banks are forced to review their terms of service and come up with “attractive offers”.

In fact, this is yet another sign of the country’s financial decline, where even its own citizens no longer believe in tomorrow.