Russian Banks have Raised Interest Rates on Deposits
Rosbank was one of the first to react to the increase in the key rate of the Central Bank. From October 25, his clients receive an additional 2.5 percent to the basic 7.5 percent per annum. At Otkritie and VTB, the yield on one of the deposits has already reached 8.5 percent. Thus, the indicator returned to the level of June-July 2019.
Even before the increase in the key rate of return on deposits with Dom.RF Bank increased from 0.4 to 1.5 percentage points. From October 21, Post Bank raised the rate to eight percent per annum. Novikombank increased its value by 0.75 percentage points.
Absolut Bank, PSB, Sovcombank and Zenit will also increase rates by 0.2-0.5 percentage points. In the near future, they plan to update the proposals of MTS Bank and MKB.
The Central Bank on October 22 sharply raised the key rate by 0.75 percentage points - up to 7.5 percent per annum. According to the Central Bank, inflation is currently developing significantly higher than the forecast and by the end of the year should be 7.4-7.9 percent.
The State Duma previously criticized the increase in the key rate. According to the economist, deputy Mikhail Delyagin, such a measure will only lead to an increase in inflation. He added that the current situation is beneficial for speculators, since Russian securities receive an impulse to increase the rate, and the national currency is becoming stronger.