Add to favorite
 
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Russian Banks Lost $1 BN from Deposits in March
12.04.2014 20:27
Russian Banks Lost $1 BN from Deposits in March
Photo Credit: http://valdaiclub.com

In the wake of a sharp devaluation in early 2014, Russians withdrew some 338 billion roubles, or almost $1 billion, from banks in March.

      The total accounts for two percent of deposits in domestic banks, with some of the cash converted into dollars and some invested in real estate.

      The panic had a negative impact on revenue as national lenders earned only 233 billion roubles in 1Q 2014, down 2.5 percent from the same period of 2013.

      Even the biggest banks were hit, including Sberbank, which lost 67.8 billion roubles in deposits in March (-0.86 percent). VTB24 was 13 billion roubles short (-1 percent) while Uralsib’s deposits shrank by 2.7 billion roubles (-2.3 percent).

      There’ve been many concerns about the economic impact of Russia’s move to incorporate Crimea.

      The Russian economy is unlikely to rise above 2 percent in 2014 amid investor uncertainty over the possible impact of sanctions, said the Economic Development Minister.

      According to Alexey Ulyukayev, GDP is expected to grow 1.8-1.9 percent undermined by capital flight worth $100 billion.

      A military invasion of Crimea would cost the Russian economy some three percent of GDP, says Vedomosti.

      Earlier, Russia-IC reported on the possible repercussions of sanctions and investors’ fears on the pace of economic development.

      For example, Bank of America Merrill Lynch forecast that Russia’s GDP would shrink some three percent. The transit of natural gas to European consumers worth $30 billion may be disrupted, too.

      The EU may eventually block the construction of the South Stream pipeline and switch to other energy sources in a move towards an economic boycott.

      Public spending is bound to go up to pay for Crimea’s absorption. The Russian authorities have pledged financial aid to the residents of the autonomy whose budget is facing a $1 billion deficit.

       




Author: Mikhail Vesely

Tags: Russian banks Ukraine crisis Crimea Sberbank  

Next Previous


You might also find interesting:

Togobox Attracted 73 Million Roubles of Investments
31.01.2020
The Absence of Chinese Tourists will Negatively Affect the Russian Market of Premium and Luxury Goods
12.02.2020
Wildberries Enters the European Market and Opens a Platform in Poland
10.01.2020
Russian Online Retailer Launches QR Code Payment
28.11.2019
Russia Fell to the 50th Place in the Ranking of the Best Places to Do Business
19.06.2020







Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Izhevsk  Victoria Tokareva  Customs Union   RAMS  Khodynka Field  Nizhny Novgorod Region  Miass  IT  Old Moscow  Moscow Houses  Russian places of interest  Mercedes-Benz Fashion Week Russia  VED  Moscow Philharmonic  Russian regions  NTV TV Channel  cycling in Russia  Russian hockey  Moscow  Festivals in Moscow  Russian satellite  VDNKh  Online Events during Quarantine  Russian Actresses  Murmansk Region  travel to Russia  Radioactive Waste  Elena Basner  Moscow Raceway  Russian metallurgy companies  Chelyabinsk meteorite  Russian business  Belokurikha  Chelybinsk  Russian tourism  St. Petersburg  Russian Cinema  2014 Winter Olympics  Primorye  odd news  Russian opposition activists  Sun Meeting Platform   Historical Buildings of Moscow  environment  City Hunter  Kamchatka  Exhibitions in Moscow  Great Patriotic War  Sheremetyevo  Museums in Volgograd 


Travel Blogs
Top Traveling Sites