Moody’s: "The launch of the digital ruble will lead to an outflow of capital from deposits in banks"

Analysts of one of the largest rating agencies Moody's believe, that the launch of a digital ruble in Russia can lead to an outflow of part of deposits from commercial banks.

Representatives of Moody’s write, that the outflow of client funds from deposits of commercial banks will force them to increase bets on deposits, to keep funds in your accounts. However, in any case, The cost of funding for such banks will increase, which will negatively affect their creditworthiness.

Besides, Analysts of the rating agency expect, that customers, a large amount of cash transactions, can switch to the use of a digital ruble. This will lead to a fall in the income of commercial banks from commissions for conducting such operations.

It is still unknown, By what model will the Russian digital currency be launched - direct or indirect. However, Moody’s counts, that an indirect model will be much more profitable for commercial banks - then they will act as intermediaries and provide the services of storing digital rubles in their accounts.

Recall, what, As Elvira Nabiullina, Chairman of the Bank of Russia, said in October, The pilot launch of the state digital currency in the country is possible at the end 2021 of the year.