De-dollarization of the Russian economy will continue as the change of currency preferences of Russians, predicts the Director of the Department of studies and forecasting of the Central Bank Alexander Morozov.
“People and companies do not tend to buy currency and store it in the accounts. Population currency increased during the year and ruble deposits increased significantly,” — said Morozov on passing on Tuesday in the state Duma round table on the theme “the Impact of monetary policy on economic growth and inflation”, the correspondent .
CB representative said that the process of de-dollarization in the banking system “in full swing” and will continue.
Informed about the gradual de-dollarization of the savings of Russians told VTSIOM. Its experts conducted a survey showed that at the beginning of October 2016 to keep their savings in dollars preferred to only 4% of Russians, while in early September, the dollar had entrusted their savings of 5% of the respondents.
According to the Bank, the total amount of ruble deposits of Russians in banks for the first 11 months of 2016 increased by 7.5% (16,347 trillion to 17,578 trillion) and the amount of foreign currency deposits (in rubles) dropped in the same period by 10.3% to 6,199 trillion rubles.
At the same time, held in mid-January 2017, a survey of banks showed that, despite the decline of profitability of foreign currency deposits, the VIP-customers are not in a hurry to convert their foreign currency deposits into rubles. And if you translate “ruble” data of the Central Bank’s foreign currency deposits into dollars at the exchange rate on the reporting date, it appears that in dollar terms the volume of deposits in 2016, even increased — from $93,6 billion at 1 January to $93.8 bln on 1 December.
“Despite all the optimism of the beginning of 2017, I must say that people do not really believe in economic growth and the national currency. A part of the clients wants from currency into rubles to leave. It is a matter of faith in sustainable growth”, — said at the recent Gaidar forum in Moscow Chairman of the management Board of VTB24 Mikhail Zadornov.