The Bank of Russia categorically rejected the possibility of freezing depositors, calling this measure a gross violation of citizens’ rights and undermining the basics of the banking system and financial stability.
The regulator described this idea as absurd, the correspondent of The Moscow Post reports.
In the official telegram channel of the regulator, it is noted that the Central Bank Chat Botto comes many questions about the probability of freezing deposits.
In response to this, the Central Bank replied that such actions would lead to the loss of citizens’ confidence in the banking system.
If the deposits are frozen, no one will store money in banks anymore, which will actually destroy the possibility of banks to credit the economy.
The regulator also denied the allegation that frost of deposits could become a way to combat inflation. The Central Bank emphasized that such a measure will force people to look for alternatives, for example, to invest in real estate or long -term goods. This will inevitably provoke a rise in prices, which will only aggravate the economic situation.
When asked about the possibility of withdrawing deposits to finance the economy in difficult times, the regulator also gave a negative answer. The Central Bank recalled that deposits are already actively involved in economic processes through lending and investments.
The discussion around this topic flared up after the statement of Alexei Zubts, director of the Center for Socio-Economic Research of the Financial University under the Government, that freezing of the deposits of Russians can be considered as a tool for combating inflation. However, the head of the Central Bank Elvira Nabiullina already categorically rejected this idea, noting its complete failure.
