OREANDA-NEWS. The Bank of Russia is warning Russian banks against transactions in euros, as they no longer make a profit. This was stated by the Chairman of the Central Bank of the Russian Federation Elvira Nabiullina in an interview published on Tuesday by a German newspaper. “We warn Russian banks from transactions with the euro. They no longer bring them profit”, the head of the regulator said. “When depositors deposit funds into euro accounts, banks should place this money somewhere, and only instruments with minus interest".

According to Nabiullina, since negative interest for savings is prohibited in Russia, banks "have so raised fees for servicing accounts in euros that it is hardly possible to keep savings accounts in this currency". “We, as the Central Bank, make sure that Russian banks do not take on too high currency risks, regardless of whether in euros or dollars”, the head of the Central Bank said.

The economic growth in the Russian Federation over the next three years needs to be made more qualitative, sustainable and dynamic. This was earlier announced at a meeting on economic issues by President Vladimir Putin.