Use of foreign currency in Russia

The share of foreign currency bank deposits and loans in Russia is trending downward. This is partly the result of the transition of monetary-policy strategy to inflation targeting and macroprudential measures. Revaluation effects due to the strong depreciation of the ruble at the end of 2014 masked the underlying development. For a successful reduction in the use of foreign currency, the shares would have to drop even further, particularly in deposits, and the lower levels achieved would have to be remain steady over the long term.

Use of foreign currency in Russia(PDF, 237 KB, non-accessible)