VLADIVOSTOK, September 3. /TASS/. The share of funds in currencies of unfriendly countries on Sber’s fixed-term deposits has decreased to 4.92% from 15% in 2022, reaching 6.15% as of the beginning of 2024, First Deputy CEO of Russia’s largest lender Kirill Tsaryov told TASS before the Eastern Economic Forum (EEF).

"We continue consistently tackling foreign currency predominance of the balance. In 2022, the share of liabilities of individuals in all foreign currencies equaled 15%, whereas in 2023 [this share amounted to - TASS] around 13%. Currently the share of funds in currencies of unfriendly countries on fixed-term deposits stands at 4.92%, having reached 6.15% as of the beginning of the year. Our explanation is that the currency, at least familiar dollars and euros, is no longer such a reliable and customary instrument of saving for consumers as it used to be," he said.

Being aware of the importance of diversifying customer funds, Sberbank offers alternative instruments, such as saving in currencies of friendly countries, Tsaryov added.

"We have offers on fixed-term deposits, for example, in yuan and dirham. The share of deposits in yuan in the portfolio is not changing dramatically, though we have no goal of turning it into business. This is more a response to demands of clients who would like to allocate their funds in those currencies. On the other hand, we concurrently develop broker instruments in friendly currencies for qualified investors," he noted.

The Eastern Economic Forum is being held on the campus of the Far Eastern Federal University in Vladivostok on September 3-6, 2024. The main theme of the EEF this year is ‘Far East 2030. Combining strengths to create new potential’. The business activities are broken down into seven thematic blocks: ‘New contours of international cooperation’, ‘Technologies to ensure independence’, ‘Financial value system’, ‘the Russian Far East’, ‘People, education and patriotism’, ‘Transport and logistics: new routes’, and ‘Master plans: from architecture to economy’.

The Roscongress Foundation is organizing the EEF. TASS is the general information partner of the forum.