With data Bank of Russia, the volume of foreign currency deposits of Russians abroad in 2022 exceeded domestic volumes.
“The volume of foreign currency deposits of the population abroad increased significantly and exceeded the volume of foreign currency deposits in Russian banks at the end of the year,” says the review of the Russian financial sector.
The review also notes that not all of the data reported is savings, some may have been used to support parallel imports.
The main reason for the decline in foreign currency deposits in established banks was anti-Russian sanctions, the introduction of fees for foreign currency accounts and the promotion of devaluation. In addition, the currency basket has changed significantly – “friendly currencies” gained great popularity, primarily the Chinese yuan.
former Central Bank declaration As of March 1, 2023, it was decided to increase the required reserve ratios for Russian banks.