Evgeny Goryunov, head of the monetary policy laboratory at the Gaidar Institute, commented for RBC on the Central Bank's study on the dynamics of Russian incomes and the associated financial optimism.
According to the regulator's data, one in five Russians (22%) increased their income by more than half in two years. These households simultaneously increased their consumer spending by 43% and more than doubled their savings. Assessing these statistics, Evgeny Goryunov called this behavior logical. “Having received unexpected additional income, households began to spend more and save more. Excessively high interest rates make credit too expensive, so people are saving and paying off their old debts,” he said.
The expert also added that the current situation has a positive impact on solving citizens' housing problems. “Income growth allows housing issues to be resolved, and mortgages are perceived as a justified investment even at high interest rates, even if we are not talking about preferential programs,” Evgeny Goryunov emphasized.
At the same time, he added that there are risks of excessive optimism, but he does not see any signs of significant macroeconomic threats in the foreseeable future.