Savings up in Russia

RUSSIA / FSU POLITICS - In Brief 02 Aug 2020 by Alex Teddy
During strictest lockdown Russian families saved 23% of their disposable incomes according to the Central Bank of Russia. This is the highest ever level. Usually savings hover at around 10% of disposable income. Unemployment is up and wages have gone down. The saving rate is not going to be maintained. The high savings rate was due to unique circumstances. People had little chance to spend. They were also putting money aside in case they became jobless.A survey found that 40% of Russians say their finances have suffered due to coronavirus.Disposable incomes were down 8% Y o Y in Q2 2020. The government distributed USD 11 billion to healthcare workers and parents with minor children. Were it not for this then income decline would have been severer. Low interest rates are also making people look to alternative ways of earning income on any savings they keep. Russia's stock market is seeing something of a domestic mini-boom as a result.

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