The Central Bank has announced its intention to dedollarizing banking system


“One of the objectives of the Central Bank in 2016 will be the de-dollarization of banks’ balance sheets,” said Elvira Nabiullina at a meeting with bankers in boarding house “Bor”. According to her, at the end of 2014 — beginning of 2015 has seen an increase of foreign currency deposits of the population. “Then we were able to stabilize the share of foreign currency deposits,” — said the head of the regulator.

Nabiullina said that the idea of reducing the share of monetary component will also apply to funds of enterprises. “Measures that encourage the reduction of the share from the assets and liabilities we will take this year”, — said the head of the Central Bank, adding that the regulator “will smoothly”.

The regulator is concerned about the situation, when companies are in dollars, and receive revenue in rubles. “When the currency changes its course abruptly, it could lead to serious problems in servicing of debts, especially of enterprises that receive loans, but do not have foreign currency earnings. This we see in the real estate sector, trade, when we trade centres receive loans in the currency, and the proceeds of the ruble. The depreciation of the sharply increased debt load, it may create systemic risks for the real economy and the financial system” — quotes its words “Interfax”.

In 2015, the share of foreign currency deposits increased at eight of the ten largest banks. Greater it has increased the Bank “FC Opening” — by 9.82 percentage points to 60.7%. For 2015, the total volume of deposits of natural persons increased more than twice — from 102 billion to 227,7 billion rubles For the second place on growth rates of Sberbank, whose share of foreign currency deposits of citizens increased by 7.8 percentage points to 29.6 per cent.

Basically, the increase occurred due to the return of cash currency to the banking system, in addition, some clients converted ruble deposits in foreign currency, explained chief analyst of Sberbank Mikhail Matovnikov.

The share of foreign currency deposits with VTB24 by the end of 2015 rose from 46.3 to 51.8%. This was stated by the head of VTB24 Mikhail Zadornov during a press conference on Wednesday, February 10. “We are not happy that the currency in liabilities is like this volume because we do not lend in foreign currency. Monetary donations go to pay off the debt of the group. Since we are not interested in attracting the currency rates on foreign currency deposits is low. But, of course, we follow the client if the client believes that it is better to keep money in the currency,” he said.

Chief economist at the National rating Agency Maxim Vasin believes that in 2016 the share of foreign currency deposits will continue to grow. “This process is heated by the fact that ruble deposits with high interest rates open in late 2014 and early 2015, fail and investors move into the currency,” he adds. The situation will change only if the ruble will become stronger or if the government will impose restrictions on the purchase and the currency movement, he said.