The Russian public’s holdings of foreign currency in banks declined to $26.8 billion in October 2023, marking the lowest level since February 2008. This figure is drawn from statistics published by the Central Bank of the Russian Federation and reported by RIA News. The shift reflects a broader retreat from traditional foreign currency deposits during the month, with a 1.5% drop. Household funds held in foreign currency across current and demand deposits also fell by 2%, sliding to $14.7 billion—the smallest amount seen since June 2017. These movements collectively reduced the total value of citizens’ foreign currency assets in Russian banks to $41.6 billion in October, a 1.4% month‑over‑month decrease.
Earlier, ahead of the Central Bank’s latest policy meeting, Russians appeared to be moving funds into bank deposits more actively. By November 18, cash in circulation had declined by 21.6 billion rubles relative to the prior reporting period, marking the first downturn in this indicator since spring 2022. Such shifts illustrate how households adjust liquidity and exposure in response to evolving financial conditions and policy signals.
In related context, experts note that retail demand for secure, short‑term savings options remained a key theme for savers during this period, influencing how households allocate wealth across different forms of bank‑held assets. The evolving balance between cash, deposits in rubles and foreign currencies, and other liquid instruments continues to shape the household sector’s risk posture and liquidity reserves.
Looking ahead, analysts expect ongoing attention to savings behavior and currency exposure as macroeconomic factors, policy decisions, and international market developments influence consumer choices for 2024. Savers may explore diversification strategies within available banking products and consider how currency proximity and exchange rate expectations affect domestic financial resilience.
Overall, the data point to a cautious stance among the public regarding foreign currency holdings, coupled with a readiness to reposition funds toward instruments perceived as safer or more liquid in the face of shifting economic signals and policy direction.