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Why Russian banks have lost interest in Euro deposits

Question - answer - Legal advice 25.09.2019 at 13:34

Question - answer - Legal advice

Largest credit institutions either do not offer deposits in Euro, or do it at almost zero rate. About the appearance of negative rates (though not in its pure form) for Euro deposits in Russian banks media started talking in July. Then the Bank "Avangard", included in the first hundred, ceased to accept deposits in the European currency and introduced a fee for storage of the Euro in the accounts. However, it has not yet become common practice — most banks either waive the Euro deposits or lower interest on them is virtually zero. So, Bank "East" offered to customers to transfer foreign currency deposits in ruble. Sberbank provides not just the Euro deposits, there are no Alfa-Bank (but have a savings account in euros). "Tinkoff Bank" is actually a drastic cut, although the organization stressed that it is not going to completely abandon currency deposits: "Changes in rates are possible, but deposits in euros and dollars will remain as a reliable tool for the preservation and growth of capital for clients who want to diversify their savings". In ROSBANK reminded that it is not offering deposits in euros in 2016, don't take them and at Citibank. From credit institutions from the top thirty, according to their websites, in General, either no deposits in euros, or they are a very small percentage, usually, of 0.01% with the rare exceptions of 0.6−0.7%.