Official: Russians stop cutting foreign currency deposits

MOSCOW, Oct 17 (PRIME) -- The Russian Finance Ministry does not expect continuation of foreign currency deposit outflow from banks, Deputy Minister Alexei Moiseyev said on Thursday.

Earlier in October, Fitch said that clients withdrew U.S. $2.9 billion from Russia’s biggest lender Sberbank and $2.6 billion from VTB in August.

In September, Sberbank reported a $900 million outflow from foreign currency retail deposits.

VTB said that it did not register any foreign currency retail client deposit outflow but corporate clients exchanged their deposits for rubles.

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