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- It's not going well: the share of foreign currency deposits has fallen to a minimum in 18 years
It's not going well: the share of foreign currency deposits has fallen to a minimum in 18 years
The share of foreign currency deposits in Russia decreased to 5%, or about 3.5 trillion rubles, Izvestia found out. This is a minimum of 18 years. Both people and banks are not interested in foreign deposits. As a result, their rates are near zero, which is much less attractive than ruble-denominated instruments. An additional factor is the continued restrictions on the withdrawal of foreign currency funds from deposits. However, by the end of the year, the national currency is expected to weaken from today's about 78 rubles per dollar to about 90, that is, by about 10%. Whether it is worth opening deposits in foreign currency in such conditions is discussed in the Izvestia article.
Foreign currency deposits in Russia
The value of deposits of individuals in the Russian Federation decreased to 5%, as of February 1, 2026 (the most recent data), follows from the materials of the Central Bank "On the development of the banking sector", which were studied by Izvestia. This is the minimum level for 18 years. According to the regulator, in absolute terms, the volume of such deposits amounted to almost 3.5 trillion rubles, or about $45 billion at the exchange rate on this date. Experts interviewed by Izvestia called this proportion extremely low.
There are several reasons for this dynamic. First of all, banks are not interested in attracting foreign currency funds due to the limited possibilities of their placement, the Central Bank told Izvestia. In other words, such products are commercially unprofitable for credit institutions.
— What is an asset for the client is a liability for the bank. After all, he actually takes money from people on credit, and he needs market tools that allow him to return interest and earn on top. Currently, there are simply no such instruments in Russia: no one takes out foreign currency loans, and transactions with foreign securities are also on a massive stop," explained financial adviser and founder of Rodin.Capital Alexey Rodin.
Izvestia sent inquiries to the largest Russian credit organizations. VTB reported that by 2025, the volume of deposits in foreign money has halved and amounted to 209 billion rubles, slightly more than 2% of the total portfolio. And Absolut Bank said that a few years ago they had completely completed accepting funds into such instruments.
As a result, due to restrictions on the use of such liabilities, the conditions for them are much inferior to ruble deposits, the Central Bank said. As Izvestia wrote, the rates on the most profitable instruments now reach 14%. While the interest rates on foreign currency deposits are near zero — 10-15 times less, Alexey Rodin said.
However, people open such deposits not for the sake of interest, but in order to save money from the devaluation of the ruble, said Alexander Bakhtin, an investment strategist at Garda Capital.
— It made sense if a person planned to spend their savings on goods or services that were somehow linked to the dynamics of the exchange rate, such as imports or foreign trips. However, today this bundle has actually lost its relevance: imported goods can become more expensive even with a strong ruble, and the geography of trips abroad is significantly limited. And many people reasonably believe that it is more profitable for them to fight off rising prices for goods with the help of high ruble rates," he said.
He added another reason — the Central Bank's restrictions on issuing foreign cash. The measure is valid for accounts opened before March 9, 2022, and allows you to withdraw up to $10,000 (in equivalent if the deposit is opened in a currency other than dollars) in cash. If the deposit was opened after this date, funds can only be received in rubles. At the same time, clients still have the opportunity to extend the placement of funds in the currency for the period proposed by the financial organization.
— As a result, the population understands that there is no point in storing foreign money in banks, therefore, they do not open new deposits. And the old ones are gradually being washed out. Someone takes it away and immediately buys cash currency with it, someone leaves it in rubles and puts it at a percentage," Alexander Bakhtin summed up.
Which foreign currency to open a deposit in
The Central Bank does not provide statistics with a breakdown of deposits by specific foreign money, but demand can be assessed by the number of offers of such instruments from banks, said Alexander Bakhtin. They currently offer individuals more than 240 different deposits in four major currencies: yuan, dollars, euros, dirhams. Moreover, the latter accounts for less than a dozen financial products.
— It can be concluded that Russians remain conservative in their financial habits. About 40% are ready to save in yuan in principle, but more than half of foreign currency depositors remain loyal to the usual dollars and euros, even after four years of sanctions and internal restrictions, the expert noted.
The interest in yuan deposits is mainly shown by wealthy clients to diversify their portfolio, VTB said.
As for the dirham, its advantage is linked to the dollar. However, this is not the most affordable and liquid currency: not every bank can easily exchange it with an adequate spread, Alexander Bakhtin emphasized.
— And now, amid the crisis in the Persian Gulf, the risks of dirhams have increased even more. The Emirates still has over 200 billion dollars in reserves, and they are able to maintain the linking of the dirham to the American dollar for a long time. But you need to understand that the negative situation around local developers and banks is growing every week, and funds have already been reserved for their rescue. That is, the local regulator may decide at some point that it is more important to use reserves for more pressing problems. Or restrictions will be imposed on the conversion of dirhams," he explained.
Is it worth keeping money in dollars
Nevertheless, many Russians are still accustomed to keeping funds in foreign money due to the fact that they can earn money by changing the exchange rate. According to Izvestia's consensus forecast, by the end of 2026, the national currency will sink to 95 rubles per $1, and the average annual exchange rate will be about 90 rubles per $1. That is, it will weaken by another 10-15% from the current 80 rubles per $1.
It is reasonable to keep some of the money in foreign currency, says Andrey Smirnov, an expert on the stock market at BCS World of Investments. However, it is wiser to invest in quasi-currency instruments, rather than just buying cash or opening deposits at a near-zero rate.
These can be deposits in friendly money, foreign currency bonds of Russian companies, gold, the expert gave examples. It makes sense to keep cash in reserve for specific purposes — travel, for example — and not as a basic way of storing money.
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