The Central Bank plans to supervise interest rates on currency deposits

The Bank of Russia is going to control over interest rates on currency deposits. As federal electronic mass-media inform referring to the director of department of banking regulation and supervision of the Central Bank RF Alexey Simanovsky, the Bank of Russia prepares the letter with new recommendations concerning the level of depositary rates of banks.

We shall remind that earlier the Central Bank recommended to its territorial departments to monitor only level of interest rates on rouble deposits. Now the Central Bank will recommend to its divisions to estimate interest rates on currency deposits too. It plans to prepare and dispatch corresponding letters till the autumn.

The National bank RB does not comment on this information before reception of official instructions from the Central Bank.

According to Simanovsky, the average level of interest rates for specific region will be a reference point.

Now the maximum interest rates on currency deposits in the Russian banks reach 10-10,5 per annum. Basically, it concerns small banks. In the large credit organisations they do not exceed six percent.