The Russians have found a profitable substitution for bank deposits. Now, many of the country residents have started investing money in securities, Vedomosti reported with reference to the NAUFOR study “Citizens’ Activity in the Stock Market in the First Half of 2020”.
It is noted that over the past 6 months, Russians have invested more than 1.5 trillion rubles in brokerage accounts. This figure for the entire 2019 amounted to 1.6 trillion. The reasons for the growing interest in investments were the low profitability of growth deposits and the unwillingness to pay a new tax on interest income. The analysts say that the influx of Russians’ funds into the securities market will continue its growth in the future.