MOSCOW, May 4. /TASS/. The average maximal interest rate on ruble deposits with the ten Russian credit institutions having the maximal amount of private deposits dropped by 0.04 percentage points and was equal to 7.64% in late April versus the prior ten days, the Central Bank of Russia said on Thursday.

The rate was 7.68% from April 10 to 20, 2023.

Deposit interest rates are monitored by the regulator in Sberbank, VTB, Gazprombank, Raiffeisenbank, Alfa-Bank, Tinkoff Bank, Sovcombank, Bank FC Otkritie, Promsvyazbank, and the Russian Agricultural Bank.

The regulator said earlier that it would keep an eye on cases when the bank’s interest rate for ruble deposits is more than 2 percentage points higher than the average one for ten monitored banks. The decision taken by the Central Bank is aimed at reducing the interest risk for banks arising when attracting retail deposits at rates above the market ones and contributes to financial stability of credit institutions, the regulator said.