“We are considering the feasibility of legislative changes to enable banks to set negative interest rates on foreign currency deposits of legal entities,” RIA Novosti quotes Ksenia Yudaeva, First Deputy Chairman of the Central Bank.
When asked about the possibility of introducing negative rates on foreign currency deposits for individuals, Yudaeva replied that, as far as she knew, this topic had not been discussed.
In October 2019, the Bank of Russia already allowed the introduction of negative rates for deposits in foreign currencies.
If introduced, banks would be able to charge a fee for holding euros, yen or Swiss francs.