The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Russia: Funds want the cash under the mattress

Confidence in Russian banks is returning and funds are springing up to try to draw billions of dollars stuffed under Russian mattresses into the financial system.

Russia's stock market has recently been the best-performing in the world and robust economic growth remains relatively insulated from an impending global slowdown.

Russians hold anything between $40 billion and $60 billion in cash dollars, a sum that has had Russian bankers salivating for years, but the population's justified distrust of the banking system has meant that repeated attempts to coax this money into the daylight have failed.

As Putin's drive to reform Russia Inc continues and gathers credibility, changes to the financial sector are picking up momentum and banks are having another go at getting ordinary Russians to invest their hard-won savings. At the same time, banks are setting up funds aimed at foreign investors.

The government kicked off the first serious attempt to reform the ailing banking sector with a meeting between the Central Bank of Russia (CBR) and the cabinet, which has been implementing the reforms.

A reconstruction of the banking sector is the first really complicated reform the Kremlin has attempted.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree