Russian family savings increase twofold in 12 months

RUSSIA / FSU POLITICS - In Brief 12 Feb 2021 by Alex Teddy
Data released by Rosstat on February 10 showed that savings are up dramatically despite incomes going down. Russian household savings are now USD 70 billion. People have saved more because they cannot spend on travel and entertainment as much. Working from home also helped. Household consumption fell 8.6% in 2020.Up to 29% of savings are held as cash. People are saving for a rainy day. Interest rates are very low, so there is little incentive to bank savings. Inflation is up to 5% as food prices rise steeply. The RUB is also falling. Consumer confidence is the lowest since 2015.The government wants to slash spending in a bid to reduce the deficit. But there is a rumor that the government might spend USD 7 billion on a stimulus package because there are parliamentary elections in September 2021.

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