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Deposit rates in Russia show sharpest decline in 13 years
In the first ten days of April, the average maximum rate on deposits in banks from the top 10 fell by 2 percentage points to 16.58%, according to the Central Bank of the Russian Federation. As follows from the regulator’s statistics, RBC reports, this is the most noticeable decrease in the deposit profitability since at least July 2009 (for the entire period of publishing the data).
The profitability of ruble deposits in credit institutions rose to a record high in early March: on February 24, Russia launched a military operation in Ukraine, and on February 28, Russia’s central bank at its extraordinary meeting raised the key rate to 20% per annum. The new rate became a benchmark for the largest players: in the first ten days of March, the average return on deposits reached 20.51% per annum, but then it began to fall slightly, down to 18.58% at the end of the month.
On April 8, the regulator held another unscheduled meeting to lower the key rate by 3 percentage points to 17%. Market participants then reported that they were going to review their savings product proposals, the publication clarifies.
When calculating the average maximum rate on deposits, the central bank takes into account the proposals of the leaders in attracting funds from the population. Among them are Sberbank, VTB, Gazprombank, Alfa-Bank, Rosselkhozbank, Otkritie Bank, Raiffeisenbank, Tinkoff Bank, MCB and Sovcombank.