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Situation with accounts in ‘toxic’ currencies in Russian banks getting worse — regulator

The regulator notes that Russian companies continue to move away from using the dollar and other "toxic" currencies in international payments, but changes in the payment infrastructure lead to an increase in the period of receipt of revenue for energy supplies

MOSCOW, November 30. /TASS/. The situation with correspondent accounts in "toxic" currencies in Russian banks is worsening, the Bank of Russia states in its review on financial stability.

"The situation with correspondent accounts in "toxic" currencies in Russian banks is worsening, but more and more accounts are being opened in the currencies of friendly countries," the regulator noted.

According to the Bank of Russia, in the reporting period, the reduction in correspondent relations between Russian banks and non-resident banks in "toxic" currencies continued.

"At the beginning of October, the value of the correspondent relations network index in "toxic" currencies decreased by 15% compared to the beginning of April, and by 46% compared to the beginning of 2022," the regulator says.

On the other hand, the network of correspondent relations in the currencies of friendly countries expended - the index grew by 17% in April-September, and by 91% from the beginning of 2022. At the same time, the volume of requests to non-resident banks in the currencies of friendly countries increased by 19% in April-September, while the number of requests in "toxic" currencies decreased by 12%.

The regulator also notes that Russian companies continue to move away from using the dollar and other "toxic" currencies in international payments, but changes in the payment infrastructure lead to an increase in the period of receipt of revenue for energy supplies.

"Changes in geographic directions, trade flows, and payment infrastructure have led to an increase in the period of receipt of payments for supplies of oil and petroleum products. Meanwhile, the process of moving away from the use of the US dollar and other currencies of unfriendly countries in international payments continues. In September 2023, the receipt of foreign exchange earnings denominated in "toxic" currencies, amounted to 24% of all receipts for the export of goods and services under foreign trade contracts, decreasing by 25 percentage points compared to the same level last year," the regulator says.

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