De-dollarization of economy, banking system proceeding at full speed, to continue – Central Bank

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MOSCOW. Jan 24 (Interfax) – De-dollarization of the #Russian economy and #banking system is proceeding at full speed given the preferences of the public and companies and this process will continue, the head of the Central Bank of #Russia’s research and forecasting department Alexander #Morozov said at a roundtable in the State #Duma.

“De-dollarization in the economy is proceeding at full speed, not just because the ruble is strengthening, but simply due to the preferences of economic agents. Neither the public nor business is rushing to acquire FX and hold it on their accounts. The public hasn’t increased FX holdings in a year and ruble deposits have grown substantially. That is, the process of de-dollarization of the economy and the banking system is proceeding at full speed and will continue to do so,” Morozov said.