Mishustin proposed to encourage citizens to make long-term savings

The Prime Minister gave the relevant instructions to the Ministry of Finance and the Ministry of Economic Development.The deadline for submitting proposals to the government is March 31, 2023

Prime Minister Mikhail Mishustin instructed the Ministry of Finance and the Ministry of Economic Development, with the participation of the Central Bank, to develop mechanisms to stimulate and encourage the formation of long-term savings of citizens, follows from a message on the government's website.

In addition, the prime minister instructed to work on expanding the use of digital currencies and simplifying the access of foreign investors and issuers to the Russian financial market using facilitated identification mechanisms.

“The document should be finalized taking into account the instructions of the President and the current geopolitical situation,” the Cabinet said in a statement.

The Central Bank gave advice on how to keep savings in dollars amid sanctions

Earlier, a representative of the Bank of RUSSIA told RBC that in June-July the Central Bank received more than 1.5 thousand complaints from Russians about the introduction by banks of commissions for holding currency. Almost 250 more complaints for the same reason were filed against brokers.

Russian credit and brokerage organizations began to set commissions for citizens for the placement of currency this summer. Market participants explained this by sanctions and difficulties with transactions in dollars, euros and currencies of countries that supported restrictions against Russia.

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According to the results of July, the Central Bank recorded a decrease in the value of deposits from 14 to 11.5%. Thus, the indicator updated the historical low of the end of 2007 (12.9%). Foreign currency deposits have lost their attractiveness for Russians due to near-zero rates and the desire of banks to limit foreign exchange transactions through commissions, the regulator explained.

In addition, in early August, the regulator extended the restrictions on the withdrawal of cash foreign currency for another six months, until March 9, 2023. The limit is $10,000 or the equivalent of the indicated amount in euros. Citizens can withdraw in foreign currency only money received on an account or deposit before March 9 of this year. The Bank of Russia explained its decision by the current sanctions against Russia, which prohibit Russian financial institutions from buying cash currency of Western countries.

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