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Russian banks continue expanding list of ‘friendly’ currencies for general public

Most Russian banks offer accounts and deposits in Chinese yuan, dirhams, rupees, while other currencies are also being considered as alternatives

MOSCOW, October 25. /TASS/. The list of currencies from friendly countries that Russian banks offer for bank accounts and deposits to their retail customers keeps growing, according to credit organizations surveyed by TASS. In addition to the Chinese yuan, which has almost become the main tool for de-dollarization, banks provide clients with the opportunity to open accounts in Belarusian rubles, Kazakhstani tenge, Armenian drams, Uzbekistani sums, and UAE dirhams.

Most Russian banks offer accounts and deposits in Chinese yuan, dirhams, rupees, while other currencies are also being considered as alternatives. Thus, Zenit Bank allows opening accounts in Chinese yuan and UAE dirhams for retail customers. "Our Private Banking clients additionally have access to accounts in Kazakhstani tenge. The bank is working on expanding the list of ‘soft currencies’ from friendly countries for bank accounts," the press service of the credit institution told TASS.

Novikombank does not completely rule out the possibility that deposits in other currencies may be made available after the yuan. "Clients seek to diversify their savings, and deposits in other foreign currencies may be introduced after the yuan," Director of Novikombank private banking department Alexander Sychkov said.

Credit Bank of Moscow is also prepared to expand the list of currencies for savings products. "The bank studies demand and keeps an eye on the market. We will increase the number of currencies that may be used to open savings products in response to consumer requests," the bank’s press service told TASS.

Chinese yuan, Belarusian rubles, Kazakh tenge, Armenian drams, Uzbekistani sums, and UAE dirhams are among the currencies that Rosbank's retail customers can use to open accounts. According to the bank's press service, "the bank continues to focus on increasing opportunities for clients."

Interviewed banks noted that the yuan continues to be the most often used alternative to the "toxic" dollar and euro. Currently, yuan deposits can be opened at VTB, Zenit Bank, Novikombank, Credit Bank of Moscow, and Tinkoff Bank.

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