VTB announced a reduction to a historical minimum in the share of foreign currency deposits in 2022

The share of foreign currency deposits in the Russian market in 2022 has halved and amounted to less than 10%, the press service of VTB reports. At the same time, the share of deposits in foreign currency decreased to 3%, which was the minimum indicator in the history of the development of foreign currency deposits.

The press service of VTB noted that the reduction in foreign currency deposits in Russian banks occurred against the backdrop of sanctions restrictions and a sharp change in deposit rates. Nevertheless, last year the Russians began to consider new instruments for asset diversification and actively made deposits in yuan.

As Natalya Tuchkova, head of the Savings department at VTB, clarified, Russian bank customers purchased dollars, euros and some soft currencies mainly for current expenses during foreign trips. As of the beginning of 2022, the share of rubles in the portfolio of a retail client was 93%, and by the end of the year it had grown to 97%.

In 2023, VTB experts predict further “de-dollarization” of the savings portfolios of the population, primarily due to wealthy clients who will continue to increase the share of currencies alternative to dollars and euros in their wallets.

Previously, Vedomosti, citing materials from the Central Bank reportedthat a significant reduction in foreign exchange savings against the backdrop of sanctions imposed against the Russian financial sector was not recorded. By December 1, the deposits of Russians in foreign currency amounted to 8.4 trillion rubles, or 21% of all deposits of the population. At the same time, 3.5 trillion rubles. kept in Russian banks.

About the savings of Russians – in the publication “Kommersant” “The accumulation of “toxic” currency played into the hands of the population”.

Milena Kostereva