Deposit dollarization and national currency depreciation in Russia and Kazakhstan

Alexey Ponomarenko and Anna Krupkina
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Anna Krupkina: Bank of Russia, Russian Federation

No note1, Bank of Russia Working Paper Series from Bank of Russia

Abstract: In 2014-2015, bank deposit dollarization in Kazakhstan outpaced that in Russia despite a smaller scale depreciation of the national currency. The fixed exchange rate regime, the passive interest rate policy, and the initially higher dollarization level could be conducive to the process.

Pages: 6 pages
Date: 2016-02
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