MOSCOW, August 31. /TASS/. VTB is observing conversion of loans from unfriendly currencies into yuan, which reached around 1 bln euro in July, Deputy Chairman of the Management Board Dmitry Pianov said during a conference call with analysts.

"For any bank having loans in unfriendly currencies on its balance sheet <…> the process of conversion of those loans into rubles and yuan arises. Consequently, we also contribute, according to the Central Bank’s figures, conversion in July totaled $4.5 bln, while our contribution roughly stands at 1 bln euro," he said.

According to data provided by the Bank of Russia, loans in foreign currencies in Russian banks went down by 70 bln rubles in the ruble equivalent in July 2023. Meanwhile, the attractiveness of loans in yuan continued rising as loans in unfriendly currencies worth an estimated $4.5 bln were converted into yuan in July.