The scope of Russians’ foreign currency deposits have increased by 9% over H1 2019 and reached $96 bln. Meanwhile, the total scope of deposits in rubles significantly exceeds those in foreign currency and stands at RUR 23 trln ($343 bln) against RUR 6 trln ($89.6 bln), at the current exchange rate.
The average interest rate for ruble deposits is substantially higher than the interest rate for foreign currency deposits, or 5.7% against 1.5% for USD and 0.24% for Euro. Analysts are predicting further decrease in foreign currency interest rates, even down to a negative.