Over the course of a year, the total amount of savings Russians keep under their pillows and mattresses has decreased by approximately 20 percent.
Citizens are beginning to convert large foreign currency savings made two years ago.
Sberbank CEO German Gref told RBC about a sharp decline in Russians’ “mattress and pillow” savings.
Russians, in his opinion, are taking money out of their pillows and mattresses and putting it into deposits.
The head of Sberbank noted that there is no point in keeping money in a currency that does not generate income in Russia.
Gref also said that the inflow of money into deposits will allow the economy to use resources more actively, and people will be able to earn money
The difference between household savings and the deposit is 29%, explained the head of Sber.
Currently, the savings of Russians stored at home under pillows and mattresses have fallen to a historic low.
