Nabiullina reminds of foreign currency deposit risks

Any deposit in a foreign currency bears the currency risk, Governor of the Bank of Russia Elvira Nabiullina said at the press conference after the Board meeting.

"Any currency deposit is more like investments, where it is impossible to predict rate movements and exchange rate risks," Nabiullina said.

According to her, the practice of keeping money in yuan-denominated deposits is not widespread so far. Nabiullina added that yuan deposits stand at about 1% from the total amount retail deposits with banks.