The profitability of Russian deposits in terms of dollar exchange rate has halved 06:30

The return on Russian bank deposits in terms of dollar exchange rate has halved. Professor of the Department of Advertising at the University of Synergy, Candidate of Economic Sciences Sergei Zainullin told socialbites.ca about this.

“In 2024, the dollar rate increased from 90 rubles to 100 rubles, and the return on deposits, which was 18-20% when converted to the exchange rate, decreased by more than half. The risk of a decline in the ruble exchange rate can be compensated by diversifying investments in different assets: bank deposits, stocks, bonds, real estate, metals. The economist noted that especially in 2024, the price of gold against the dollar will increase by more than 20 percent.

According to him, Russia still has a high level of import dependence, especially in the field of equipment, parts and spare parts. Accordingly, there was no change in the level of demand for foreign currency. When the demand for a currency increases, the exchange rate also increases. Zainullin added that the government supported import substitution with government mandates and concessional loan programs, while the Central Bank and the banking system followed suit by imposing almost prohibitive rates and conditions on lending to industry.

The second factor in the jumps in the ruble rate, the economist called the currency speculation of banks according to the system introduced by the Central Bank for determining exchange rates – they are fixed according to the results of interbank trade. Zainullin concluded that exchange rate fluctuations will continue until the Central Bank changes monetary policy and foreign exchange market regulations.

On January 10, the dollar exchange rate exceeded 101 rubles.

Previously reportedIt is stated that Russians will earn more than 10 trillion rubles of income from deposits in 2025.