Bank of Russia notes rapid growth in popularity and share of deposits in yuan

TASS Russian News Agency | Sep 22, 2022 at 6:18 PM

KAZAN, September 22. /TASS/. The Bank of Russia notes the rapid growth in popularity and the share of deposits in yuan due to the low base effect, Alexander Danilov, head of the regulator's department, told reporters on the sidelines of the Banks of Russia - 21st Century forum.

"There is definitely growth, they are growing fast. The share [of deposits] is still small, but it is because they started from a low base," he said, answering a relevant question.

Earlier officials of Russian banks told TASS that they noted an increase in the interest of depositors in savings instruments in Chinese currency, despite the fact that restrictions on withdrawing foreign currency from accounts remain. Many banks have begun offering deposits in yuan to their customers.

Experts interviewed by TASS advised Russians who keep money in so-called "toxic" currencies (dollars and euros) to switch to savings instruments in rubles or currencies of friendly countries. In their opinion, this will protect the accumulated funds from sanctions risks.