Inflow of private funds to Alfa Bank on Tuesday exceeded the outflow by 30%
13 Jul 2004
On Tuesday, July 13, for the first time after the crisis in the banking market, the balance of private deposit accounts with Alfa Bank turned positive. The excess of fund inflows to individual accounts over withdrawals totaled about 30%. Despite panic actively stirred by the mass media, the outflow of funds from Alfa Bank client accounts began to steadily decline as early as Thursday, July 8. Simultaneously, the volume of intake from individuals was rising (the increase in the deposit base was comprised of new customers as well as those who, having panicked, withdrew funds from their deposit accounts, but then decided to return). According to Alexander Gafin, a Member of Alfa Bank's Board of Directors, "It is not surprising that Alfa Bank has achieved a positive balance. As we promised, we have met all of our payment obligations to anyone who desired to withdraw cash, given bonuses to loyal customers, and are prepared to accept new clients. Alfa Bank has always been one of Russia's leading banks, and it emerged from the so-called "July crisis' with a stronger reputation, having proven its absolute reliability".
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