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In Russia, after the start of the crisis caused by the sanctions of Western countries, the economic essence of deposits in foreign currency held by citizens of the Russian Federation in banks has undergone changes: now these are de facto ruble accounts linked to the exchange rate. This was stated in an interview with RBC by Dmitry Tulin, First Deputy Chairman of the Central Bank of the Russian Federation.
According to him, the interests of individuals when storing currency in credit institutions are protected “to the same extent as when storing money in rubles,” but the difficulties in conducting foreign exchange transactions have changed the nature of deposit products.
“Banks can fulfill their obligations under foreign currency accounts with payments in rubles and do this without any difficulty. But the fulfillment of obligations by banks with payments in “toxic” currencies is becoming more and more problematic. We can say that the economic essence of foreign currency accounts has changed: they are actually turning into ruble accounts linked to the exchange rate,” Tulin explained.
In his opinion, this is what leads to a decrease in the attractiveness of foreign currency accounts and the devaluation of the economy.
We also recall that earlier it became known that in June-July of this year, Russian citizens filed more than 1.5 thousand complaints with the Central Bank of the Russian Federation about the introduction of commissions for the storage of currency by banks, and almost 250 more complaints on the same topic were received in relation to brokers.
As RBC pointed out, this is a new reason for complaints, since Russian credit and brokerage organizations began to set a fee for individual clients for placing currency only this summer.
At the same time, market participants explained the introduction of such commissions by sanctions and difficulties with transactions in dollars, euros and currencies of countries that supported restrictions against Russia against the backdrop of the conflict in Ukraine, and therefore have to worsen conditions for customers with large foreign currency balances.
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
