Russian households return 200 bln rubles to deposit accounts in Sept-Oct, inflow of funds to continue - Central Bank

MOSCOW. Nov 16 (Interfax) - Russian households returned 200 billion rubles to deposit accounts in banks in September-October amid the growing attractiveness of rates, and the Central Bank of Russia (CBR) expects the inflow of funds to deposit accounts to continue in the coming months, Central Bank Governor Elvira Nabiullina said in the State Duma.

"There was a very important change in the behavior of citizens, [as] they began to return cash to banks. In September and October, 200 billion rubles were returned to deposit accounts. You remember, in the spring and autumn last year, there were large outflows from bank deposit accounts, [as] people preferred to keep their savings to themselves, though everyone now understands that deposits at 12%, 14%, and even 15% are profitable. This is the result that we discussed when raising the key rate. Growth in deposits, according to our estimates, will continue in the coming months," Nabiullina said.

"Why is this important? Banks do not lend with their own funds, but with the funds of depositors. Sustainable growth in deposit accounts is an important condition for the availability of investment lending," Nabiullina added.