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Deposit dollarization and national currency depreciation in Russia and Kazakhstan


  • Alexey Ponomarenko

    () (Bank of Russia, Russian Federation)

  • Anna Krupkina


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.

Suggested Citation

  • Alexey Ponomarenko & Anna Krupkina, 2016. "Deposit dollarization and national currency depreciation in Russia and Kazakhstan," Bank of Russia Working Paper Series note1, Bank of Russia.
  • Handle: RePEc:bkr:wpaper:note1

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    References listed on IDEAS

    1. Sami Ben Naceur & Amr Hosny & Gregory Hadjian, 2019. "How to de-dollarize financial systems in the Caucasus and Central Asia?," Empirical Economics, Springer, vol. 56(6), pages 1979-1999, June.
    2. Patrick Honohan, 2007. "Dollarization and Exchange Rate Fluctuations," The Institute for International Integration Studies Discussion Paper Series iiisdp201, IIIS.
    3. Anna Krupkina & Alexey Ponomarenko, 2017. "Deposit dollarization in emerging markets: modelling the hysteresis effect," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(4), pages 794-805, October.
    4. Basso, Henrique S. & Calvo-Gonzalez, Oscar & Jurgilas, Marius, 2011. "Financial dollarization: The role of foreign-owned banks and interest rates," Journal of Banking & Finance, Elsevier, vol. 35(4), pages 794-806, April.
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