Average maximal interest rate on ruble deposits growing in late July

Business & Economy August 04, 2023, 18:03

It is reported that the rate was 7.83% from early June of this year

MOSCOW, August 4. /TASS/. The average maximal interest rate on ruble deposits with the ten Russian credit institutions having the maximal amount of private deposits moved up to 8.11% in late July, the Central Bank of Russia said on Friday.

The rate was 7.83% from early June of this year.

Deposit interest rates are monitored by the regulator in Sberbank, VTB, Gazprombank, Alfa-Bank, Raiffeisenbank, 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.

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