- Stepan Gennadievich, as evidenced by today's decision of Sberbank?
– This suggests that there are a lot of rubles in banks, and large banks have no problem with funding in rubles. Therefore, they cut rates, they do not need expensive deposits. These rubles do not go to the real sector of the economy. Even Mr. Kostin (the head of VTB Andrey Kostin - editor's note) told us that it makes no sense to lend to small and medium-sized businesses. And in general now it makes no special sense to lend to the Russian economy. This money will never come back. Roughly speaking, it has collapsed for the second or third year. Production takes up a small part, and consumption takes up a large part. Basically, the credit supply grows due to on-lending of old debts, so that banks do not go into negative territory, so that they do not have “red” on their balance sheets and so as not to excite our wonderful regulator.
- So what should those with rubles do?
- People have zero financial literacy. The crowd always loses, this is herd behavior. And this is not only our case. See what's happening with data in America. "They look to the future with great optimism." While the realities say that everything is very, very bad in the economy. And in Russia there are two reliable banks - glass and aluminum. And so it has been for several years.
Monday, July 20, 2020 6:57:00 PM