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12 Dec, 2006 11:17

Russian residents place their savings abroad

Russian residents place their savings abroad

According to the Bank for International Settlements, Russian residents placed $US 16 BLN abroad in the third quarter of the year. That's double the amount placed by all residents of the OECD outside their countries.

Russia has the largest net outflow of funds of all the emerging markets, with increasing deposits in foreign banks, particularly in the United Kingdom.

And Russians are leading an international trend in choosing to place some of their money in Euros, as well as dollars. The Bank for International Settlements says placements in dollars fell by two percentage points in the third quarter.