Tyumen residents in a panic withdrew record amounts in banks and carried them back

Tyumen residents, as well as residents of other regions, who had been taking money from banks in a frenzy since the end of February, began to return them back.

Mikhail Drannik, managing DIRECTOR of the Western Siberia division of the Ural Bank for Reconstruction and Development, told RBC Tyumen that the situation was more acute compared to 2020.

“If we compare it with the pandemic year of 2020, when from March to June customers took 2.3 trillion rubles in cash from banks, then from February 24 to March 12 - 2.8 trillion. And only last week there was a positive inflow. The panic passed, and the clients took their money back to the banks,” the expert explained.

According to him, now there has been an increase in the cost of credit resources for businesses and individuals by almost two times. Mikhail Drannik also predicted that in the near future, customers will be less likely to apply for loans, and among banks there will be competition for depositors. Many have already announced an increase in rates on savings deposits, which allowed them to return customers.

“After the increase in rates on deposits and savings accounts, we note a high demand for savings products among Tyumen residents. In the first week of March alone, residents of the Tyumen region opened more than 12.5 thousand new deposits and savings accounts with VTB. Over the week, the total number of active deposits of VTB clients in the region increased by 14%, savings accounts - by 10%," the VTB press service said.