dollar and euro will leave the structure of retail deposits by 2026 – Kommersant

The trend towards de-dollarization in retail banking will continue, said Anatoly Pechatnikov, Deputy Chairman of the Board of VTB. According to the bank’s forecast, by the end of the year, the share of the dollar and the euro in the deposit portfolio will fall from 10% to 7%, and by the end of 2025, customers will completely abandon deposits in the currencies of “unfriendly” countries.

Mr. Pechatnikov claims that the placement of savings in rubles is “one of the most reliable and highly profitable” ways. “In 2023, the volume of funds raised on accounts and deposits of individuals in Russian banks may show an increase of 6.5%, reaching 39 trillion rubles. VTB plans to grow faster than the market and ensure an eight percent increase in this indicator by the end of the year,” he told reporters (quoted by Interfax).

VTB clarified that the bank’s customers are increasingly converting dollars and euros into rubles and yuan. By the end of the year, the total share of these currencies in the savings portfolio will increase to 93% (of which 90% – the ruble), the volume of liabilities in Chinese currency – up to 15 billion yuan, the bank expects. “Given this trend and the pace of clients’ transition to alternative savings instruments, we assume that depositors will be able to almost completely abandon their savings in dollars and euros over the next two to two and a half years,” Anatoly Pechatnikov specified.

Oleg Deripaska expectsthat the dollar will no longer be the dominant currency in five years. Rising demand for the yuan was fixed back in the summer of 2022. How poll showed investment broker Finam, the yuan is one of the top three currencies that Russians use to keep their savings in cash. 17% of Russians hold cash in Chinese currency.

Details – in the material “Kommersant FM” “RMB preferred in cash”.

Laura Keffer