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Loan interest rates may go up in H2 2023 — Bank of Russia

Market and subsidized mortgage interest rates of key market players stayed almost flat in June

MOSCOW, July 11. /TASS/. Loan interest rates may move upward in the third and the fourth quarters of this year amid earlier announced plans of the Central Bank to toughen the monetary policy, the Bank of Russia said on Tuesday.

"The room remains for the third - the fourth quarters of 2023 for a further upward adjustment of loan interest rates in view of plans of the Bank of Russia stated at the meeting on June 9 to toughen the monetary policy in coming months due to a gradual increase of the current inflation pressure. Measures implemented by the Bank of Russia to cool down the activity in segments of mortgage with a small initial contribution and consumer loans extended to borrowers with a huge debt burden can further promote a certain increase in rates in the retail segment," the regulator said.

According to flash estimates of the Central Bank, credit interest rates had a moderate increase in May - June, while the rise was somewhat more noticeable in the retail segment. Market and subsidized mortgage interest rates of key market players stayed almost flat in June.

Deposit rates with Russian banks in June were close to April - May levels, as flash estimates reveal.

"Deposit rates in June, according to operational estimates, were close to levels in April - May. The cash demand growth in the second half of June also did not affect dynamics of deposit rates, considering that the effect had the short term," the Central Bank noted.

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