Russians' funds in foreign currency accounts have fallen by a record $2.6 billion since the beginning of 2020

 In November, balances on foreign currency deposits and accounts of individuals decreased by more than $2.5 billion. The outflow was provided by active trips of Russians abroad during the lockdown and an increase in rates on ruble deposits, experts say

In November, the population's funds in foreign currency accounts and deposits in Russian banks decreased by $2.55 billion, or 2.7%, according to statistics from the Bank of Russia.

Such a noticeable outflow has not been observed since the beginning of the pandemic crisis: in March 2020, Russians took $5 billion worth of currency from bank accounts and deposits (minus 5.3%). During 2021, the population was inclined to increase foreign exchange savings — from the beginning of the year until November, they increased by $ 3.1 billion. The withdrawal of the currency in November reduced the entire increase for the year to a symbolic $0.5 billion: if on January 1, Russians held $92.1 billion in foreign currency accounts and deposits, then on December 1 — $92.6 billion.

As follows from the data of the Central Bank, in November, the volume of funds of individuals on term deposits in foreign currency decreased by $ 1.2 billion, or 2.1%, to $55.9 billion. Over the same period, current account balances in foreign currency fell by $1.3 billion, or 3.5%, to $36.8 billion. This is the first significant decrease in funds in foreign currency accounts since March last year.

Most Russian banks have not yet disclosed their financial statements for November. Sberbank, which is doing this first on the market, faced an outflow of foreign currency deposits of individuals in November. As follows from its turnover sheet, last month, Sberbank's clients withdrew $740.8 million from term deposits and accounts in foreign currency.