Russians prefer to keep money in foreign currency
2023.02.01 11:10
Russians prefer to keep money in foreign currency
By Kristina Sobol
Budrigannews.com – The central bank reported on Wednesday that between January and November of last year, Russians’ deposits with non-resident banks increased by approximately 2.5 times to nearly 5 trillion roubles, or approximately $82 billion based on the exchange rate at the time.
However, the bank stated that this did not necessarily indicate that deposits in foreign currency were moving from Russian banks to foreign ones because some deposits were converted into roubles or used to purchase real estate.
Since Moscow launched what it calls a “special military operation” in Ukraine on February 24, 2013, hundreds of thousands of Russians have chosen to emigrate. This has led to an increase in the number of Russian deposits held abroad.
The most deposits to foreign banks were recorded in September of last year, when Moscow began a partial mobilization of troops, with more than $9 billion, according to monthly statistics from the central bank.
The central bank reported this week that banks’ foreign currency loan portfolios decreased by 18.2% in 2022, or $30.2 billion, as Moscow’s “dedollarization” push accelerated. Profits fell as a result of sanctions harming the banking industry.
