MOSCOW – Russia’s VTB Bank has launched accounts in Chinese currency yuan offering up to 8% rate to deal with the volatility on the currency market.
Customers will be able to open such deposit accounts from March 9 in their online personal cabinets with a minimum amount of 100 yuan (around $16), and in offices starting from 500 yuan ($79).
The annual rate of 8% will be applied to deposits for three to six months.
The depositor will have the option to either receive a monthly income payment or choose the capitalization of interest on the deposit.
VTB Bank was sanctioned and removed from the SWIFT international banking system amid the Russia-Ukraine war.