This trend, as revealed by the nation’s central bank, underscores the possible impact of international sanctions and the geopolitical situation affecting Russia, as well as the resilience of the Russian populace in the face of economic uncertainty.
The share of foreign currency in private Russian accounts has been on a steady decline.
At the start of October, it amounted to $63.4 billion. However, by early November, this figure had fallen by an additional $3.7 billion, resulting in foreign currency deposits accounting for just 9.4% of household savings.
This represents a substantial decrease, with balances on foreign currency deposits slumping by almost 40% or by $36.4 billion, since the beginning of 2023.
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