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Zero Rates Loom at Sberbank as Dollar Gush Offsets Sanctions

  • Russia's biggest bank has cut rates on deposits to almost zero
  • CFO sees share of foreign-currency savings dropping gradually
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Russia’s biggest bank, cut off from international credit markets, has gone from the threat of dollar famine to feast.

After almost two years of sanctions, Sberbank PJSC has more dollars than it knows what to do with. The state-run lender has cut interest rates on short-term dollar deposits to almost zero in an attempt to stem foreign-currency inflows from clients, its Chief Financial Officer Alexander Morozov said in an interview.