The State Duma of the Russian Federation is preparing a draft law aiming to introduce negative rates on foreign currency deposits. The Central Bank insists on introducing negative rates on foreign currency deposits. The Ministry of Finance has already supported this idea, the newsru portal writes.
“We are talking about deposits in all foreign currency units,” Izvestia newspaper quotes Anatoliy Aksakov, head of the Committee on Finances.
According to the economist, MPs are planning to start discussing the draft law in October this year.
The share of Russian deposits in foreign currency has been growing continuously since early 2019. As a result, by the beginning of autumn it reached a record-breaking $95.5 billion in four years. According to experts, this is due to the weakening of the ruble, which is why Russians use “protective” currencies to save their savings.
The new bill on negative interest rates on foreign currency deposits fits into the new government economic initiative within the framework of dedollarization.
In turn, the National Bank of Belarus managed to change the situation due to its macroeconomic policy, thus increasing confidence in the Belarusian ruble. The share of deposits in the national currency in our country has increased by more than 20% over the past year.