In Russia, they plan to introduce negative rates on foreign currency deposits. Application features.
In early June, two Russian banks, first Raiffeisen and then Tinkoff, introduced a commission for servicing foreign currency accounts for citizens. In fact, this is a negative rate, since the client pays the credit institution for holding funds, and not vice versa. This practice has not become widespread, among other things, because Russian legislation does not provide for negative rates on deposits (but there are no such restrictions on accounts).
However, it is likely that soon negative rates will be partially legalized, it is planned to amend Art. 29 of the Law "On Banks and Banking Activities" and supplement it with a paragraph allowing banks to charge commissions on foreign currency deposits from legal entities.
The relevant bill was developed by the Ministry of Economic Development, the Ministry of Finance and the Central Bank have already supported this initiative in principle.
Features of the application of this rule according to the text of the bill:
commission will be charged from deposits opened in any currency;
at the same time, it is allowed to establish such a commission that will exceed the accrued interest;
the law, contrary to custom, is planned to be given retroactive effect. This means that banks will be able to introduce a commission for already opened deposits.
The purpose of these amendments, in accordance with the explanations of the representative of the Central Bank, is the gradual devaluation of the banking sector and the entire Russian economy, the reduction in the volume of currency in Russian credit institutions. It is planned to abandon the currency at the state level and at the household level.
The introduction of the negative commission was not a surprise, in the review of financial stability released in May, the Central Bank of the Russian Federation allowed such a measure. At the same time, judging by the words of Elvira Nabiullina, devaluation will be gradual and natural, confiscation of deposits in foreign currency is not planned, as well as a complete ban on the circulation of foreign currency in the Russian Federation. However, the head of the Central Bank of the Russian Federation suggested that the existing currency restrictions would be in effect for the entire period of sanctions.
The head of Sberbank, German Gref, in turn, within the framework of the St. Petersburg International Economic Forum, allowed the introduction of negative rates on foreign currency accounts and deposits of individuals, but only next year. German Gref specified that the currency must first be sufficiently weakened. At the moment, the conversion of foreign currency deposits into the ruble will be unprofitable.
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