At the end of September, household foreign currency deposits in Russian banks fell below $20 billion. Their share in the total volume of deposits fell for the first time to 4.5%, setting a historic minimum, as shown by the data of the Bank of Russia. Over the course of five years, the share of citizens' savings in foreign currency in the banking system decreased by more than four times. Among the main reasons are low interest rates on such deposits and current regulatory restrictions that reduce the attractiveness of holding money in foreign currency in accounts. The scope of the changes is particularly noticeable compared to March 2014, when the scope of deposits in foreign currency reached a record of 85.9 billion dollars. The current figure is less than a quarter of this maximum, although values for different years are compared. The statistics reflect the reorganization of bank deposits. It does not cover all methods of storing foreign currency savings, but it clearly states: foreign currency has lost its former importance in the structure of deposits of Russian citizens.
At the end of September, household foreign currency deposits in Russian banks fell below $20 billion. Their share in the total volume of deposits fell for the first time to 4.5%, setting a historic minimum, as shown by the data of the Bank of Russia. Over the course of five years, the share of citizens' savings in foreign currency in the banking system decreased by more than four times. Among the main reasons are low interest rates on such deposits and current regulatory restrictions that reduce the attractiveness of holding money in foreign currency in accounts. The scope of the changes is particularly noticeable compared to March 2014, when the scope of deposits in foreign currency reached a record of 85.9 billion dollars. The current figure is less than a quarter of this maximum, although values for different years are compared. The statistics reflect the reorganization of bank deposits. It does not cover all methods of storing foreign currency savings, but it clearly states: foreign currency has lost its former importance in the structure of deposits of Russian citizens.
