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Russian banks to reduce loan, deposit rates by 1% by yearend - VTB24 chief

June 05, 2013, 15:29 UTC+3
“Now we are at the beginning of the cycle of this reduction,” Zadornov said
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ST PETERSBURG, June 5 (Itar-Tass) - Russian banks will reduce loan and deposit interest rates by 1 percent as a minimum until the end of the year, VTB24 CEO Mikhail Zadornov told reporters on the sidelines of the International Banking Forum on Wednesday.

Undoubtedly, banks will reduce deposit rates - this wave has already started - and loan rates as well,” he said adding that “now they reached their peak.”

“I believe that by the end of the year the interest rates will be reduced by 1 percent as a minimum,” he said.

“Now we are at the beginning of the cycle of this reduction,” Zadornov said.

 

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