In Russia, only two banks can open savings accounts in dollars and euros: in both currencies – at the ICB, only in the USA – at Alfa-Bank. KB, RSHB, UBRD, Sovcombank, Sberbank and Alfa-Bank offer to make a deposit in Western currencies. The rates, depending on the currency, range from 0.01% to 3%, Izvestia writes.
Credit institutions stopped opening accounts in these currencies in the spring of 2022, after some of them fell under sanctions.
The changes are due to stricter regulation by the Central Bank, as well as low demand by Russians to keep dollars and euros in banks due to low rates, commissions and potential risks.
- In November 2022, the largest banks launched yuan-denominated instruments for households and businesses and intend to expand their product line. Analysts expect the yuan’s share to rise further. This will be affected by increasing import and export operations, new EU sanctions. The yuan may become the base currency in Russia, the country will move to second place in major offshore yuan centers and will eventually catch up with the UK.
Author:
karina pardaeva
Source: RB
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