Deposit rate has reached two-year high in Russia
The Central Bank, a key player in the financial system, has reported that the average maximum rate on individual deposits of the largest banks in the Russian Federation in the second ten days of June reached 16% per annum, equaling the key rate.
This is the maximum figure over two years, and credit institutions offer higher rates under particular conditions. However, the growth primarily occurred in short-term and medium-term deposits; banks are in no hurry to attract long-term, expensive funding.
Previously, the Central Bank allowed a reduction in the key rate in the second half of the year, subject to a sustained decline in inflation.
Author: Sergey Nikolaev
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