Reports from Kommersant, citing data from the Central Bank of the Russian Federation, show a shift in how Russians park their savings. In addition to traditional deposits in Chinese yuan, several banks in Russia began offering accounts in Indian rupees, Arab dirhams, and Kazakhstani tenges. This trend marks a notable diversification away from the long-dominant hard currencies. The move reflects a broader search for stability and potential yield across a wider set of currencies that are viewed as friendlier toward Russia’s evolving financial landscape.
Regulatory statistics indicate that the share of what analysts call toxic currencies, led by the dollar and the euro, in household foreign-currency deposits fell to 86.6 percent as of June 1. In monetary terms, that translates to about 3.25 trillion rubles, or roughly 40.1 billion US dollars, which is about 1.4 times lower than a year earlier. During the same period, holdings in non-toxic currencies surged nearly twentyfold to about 500 billion rubles, roughly 44 billion yuan in value. This shift signals growing appetite for alternative currencies amid changing global financial dynamics.
The yuan has taken the lead in the structure of foreign-currency deposits, according to the report. This predominance is tied to expanding trade and economic ties between China and Russia. Sberbank, the country’s largest lender, reported a 50 percent rise in deposits denominated in friendly currencies since the start of the year. Dirham deposits are now offered by three banks, with the top yield around 3 percent per year. Deposits in rupees and tenge remain distinctive offerings in the market, returning about 3 percent and 0.1 percent annually respectively, appealing to savers seeking diversification.
Trade between Russia and China for January through June jumped by about 40.6 percent, reaching 114.54 billion dollars, a sign of intensified commercial exchange. Trade with India also climbed sharply, expanding more than threefold since the beginning of the year and reaching a record 27.1 billion dollars, marking India as one of Moscow’s top three trading partners. Regional ties with Kazakhstan remained robust, with five-month trade turnover in the year approaching 10.5 billion dollars and Russia increasing its share of Kazakhstan’s overall trade from 18.6 percent to about 18.8 percent. These figures illustrate how currency choices are increasingly intertwined with real bilateral commerce and investment prospects across Asia and Eurasia.
As savers weigh options for their money, the question for many remains: where can savings be invested for a balance of security and growth? The answer appears to lie in a growing set of non-traditional currencies and in the expanding list of banks offering accounts in yuan, rupee, dirham, and tenge. This evolution is reshaping the domestic deposits landscape and signaling a more diversified approach to currency exposure, aligned with shifts in regional trade patterns and monetary policies. The underlying trend is clear: a move toward currencies that are gaining traction in Russia’s evolving economy, supported by stronger ties with major regional partners and a willingness among financial institutions to broaden product offerings beyond the traditional dollar and euro. These developments provide savers with new avenues to place funds while reflecting the changing contours of Russia’s financial ecosystem.