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Yuan deposits not above 1% of total retail deposits — Bank of Russia

It is reported that any deposit in a foreign currency bears the currency risk

MOSCOW, July 21. /TASS/. The practice of keeping money in yuan-denominated deposits is not widespread so far, Governor of the Bank of Russia Elvira Nabiullina said at the press conference after the Board meeting.

"We indeed see that certain interest appears among our citizens to keep money at banking accounts in yuan but this practice is not very common so far. Yuan deposits stand at about 1% from the total amount retail deposits with banks. As regards currencies to be used for deposits, we do not make such recommendation and do not interfere in market practices of banks, unless they carry some direct risks for the system consumers," she said.

Any deposit in a foreign currency bears the currency risk, the Central Bank chief said. "Any currency deposit is more like investments, where it is impossible to predict rate movements and exchange rate risks," Nabiullina added.

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Central Bank of Russia

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