Foreign Currency

Individuals almost halve their foreign currency transfers to deposits abroad in 2023

As a result of rises in the Bank of Russia key rate, interest rates on ruble deposits became significantly more attractive, and the outflow of individuals’ funds to foreign instruments decreased. Foreign currency transfers to deposits with non-resident banks almost halved last year. Transfers to non-resident brokers dropped by 22%.

The portion of the yuan in the composition of individuals’ foreign currency deposits with Russian banks increased by 10.6 pp to 22% in 2023.

The MOEX Russia Index rose by 1.3% in February. Individuals remained the key trading participants, with their share amounting to 76%. As of the end of the month, the ruble lost 1.3% against the US dollar.

Further details are available in the new issue of the Financial Market Risks Review.

Preview photo: Pryzmat / Shutterstock / Fotodom

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