“The average maximum rate on deposits in the ten largest retail banks of the Russian Federation in the first decade of November increased by 0.74 percentage points to 20.91% – this is the maximum value since 2009.”, — write: www.epravda.com.ua
The average maximum rate on deposits in the ten largest retail banks of the Russian Federation in the first decade of November increased by 0.74 percentage points to 20.91% – this is the maximum value since 2009.
This was reported by The Moscow Times.
Banks of the Russian Federation are raising interest rates on both loans (market mortgages at Sberbank start at 28%) and deposits.
The deposit rate index FRG100 (average rate for 400 deposits in the 80 largest banks for deposits per year in the amount of 100,000 rubles or more), calculated since 2017, also reached a record level of 17.05% on November 17.
High interest rates stimulated the flow of people’s money into banks. Since the beginning of the year, they have increased by 14.8%, or 6.7 trillion rubles. up to 52 trillion rubles.
The increase is more than twice that of last year (3 trillion rubles, or 8%), and in recent months, time deposits have been growing, while balances on current accounts have been decreasing, the publication notes.
Meanwhile, the Central Bank of the Russian Federation is going to increase the key rate even more in December – to 22% or to 23%.
We will remind:
“Sberbank”, the largest mortgage lender in Russia, has significantly raised mortgage rates for the second time in a month – to more than 28%.
The Central Bank of Russia decided to raise the key rate immediately by 2 percentage points – to a record 21% per annum.