Banks in Russia are not yet planning to massively increase interest rates on deposits, but if the key rate increases, then this is a very realistic picture of events. chief analyst mentioned the date when deposit rates could increase significantly

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On May 25, Vice President of the Central Bank Alexey Zabotkin announced a probable trend towards the longest possible tightening of the Central Bank’s monetary policy. In an interview with the Prime agency, chief analyst Bogdan Zvarich noted that there is currently no trend towards an increase in rates across the market.

“Individual credit institutions, against a background of tightening rhetoric from regulators and increasing risks of a new increase in the key rate, have really begun to improve conditions for deposits,” says the specialist.

According to him, a massive rate increase is only likely if monetary policy is tightened after a long pause on this issue.

It should be noted that the next meeting of the regulator on this issue is scheduled for June 7. If the decision is made to hold the exchange rate and not tighten comments, then the consolidation of rates at current levels may continue. Since the end of last year, the maximum interest rate on ruble deposits has remained just below 15%.

We previously wrote that in April the Bank of Russia again decided to keep the key interest rate at 16% per year. This happened for the third time.


Nikolai Tikhonov

Source: RB

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