Russians' bank savings in the Chinese national currency will double this year to 88 billion yuan ($12.3 billion) and make up 45% of all foreign currency savings in 2024, Anatoly Pechatnikov, the deputy head of Russia's VTB bank, said on Wednesday
ST. PETERSBURG (Pakistan Point News / Sputnik - 14th June, 2023) Russians' bank savings in the Chinese national currency will double this year to 88 billion yuan ($12.3 billion) and make up 45% of all foreign currency savings in 2024, Anatoly Pechatnikov, the deputy head of Russia's VTB bank, said on Wednesday.
"The portfolio of yuan savings in Russian banks will grow two times and reach 88 billion yuan this year. As a result, the Chinese currency will amount to a quarter in the foreign currency savings of the clients, surpassing 45% in 2024," Pechatnikov told journalists on the sidelines of the St. Petersburg International Economic Forum.
The senior official of one of the largest Russian banks expects this trend for de-dollarization of individual deposits to continue in the next few years. This will go alongside the shares of euro and dollar decreasing to 7% in the banks' retail portfolio of attracted funds in 2023, Pechatnikov forecast.
The share of Russians' savings in the Russian national currency will grow to 90% and reach 35.2 trillion rubles ($419 billion), Pechatnikov said.
St. Petersburg is hosting its flagship International Economic Forum from June 14-17. International media group Rossiya Segodnya's RIA Novosti is an official media partner and the host photo agency for the event.
