In the first decade of April the average maximum interest rates on deposits in the ten largest Russian banks fell to 9.65 percent per annum. This minimum value since October 2014, when the yield on deposits was $ 9,61 per cent. Relevant information contains on the website of the Central Bank.
When calculating the average rates are used data of the savings Bank, VTB 24, Promsvyazbank, Alfa Bank, Gazprombank and a number of credit institutions.
Deposit rates in Russia began to rise dramatically after in December 2014 the Central Bank raised its key interest rate to 17 percent. Then the yield increased from 10,58 to 15,31% per annum. At the same time was raised and the interest on the loans.
Since then, the regulator has consistently cut its benchmark rate to 11 percent per annum. At this level it is 31 July 2015. April 7, 2016 Bank of Russia Chairman Elvira Nabiullina said that the rate will be reduced if inflation will slow down. “In other words: higher rates will allow for lower rates tomorrow,” she said. Thus Nabiullina has underlined that the situation in the Russian economy and financial system has improved: increased oil prices, the ruble strengthened.
The key rate is the main monetary policy instrument of the Central Bank. Under it, the controller gives banks lend. Impact on formation of rates on loans and deposits in financial institutions, as well as on inflation and exchange rates.
