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Eastern Economic Forum

Sber considers key rate lifting efficient

The demand for deposits continues growing, Kirill Tsarev noted

VLADIVOSTOK, September 6. /TASS/. The macroeconomic model with the key rate increase by the Bank of Russia is efficient, First Deputy CEO of Sberbank Kirill Tsarev told TASS in an interview at the Eastern Economic Forum.

"From our point of view, the macroeconomic model with key rate lifting, with the saving sentiment on the rise at the same time, is generally working. Growth of households income is also a positive signal but it also fuels inflation. Therefore, the consumer lending rate growth level is comparable with the incremental growth of deposits against current growth," Tsarev said.

The demand for deposits continues growing, he noted. "The portfolio of term deposits and savings accounts of Sber surged by 1.5 trillion rubles ($16.7 ln). The most popular period for deposit opening stands at 9 months lately - 44% of deposits are opened for such term, with the three-month term being second by popularity (22%)," Tsarev added.

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Eastern Economic Forum

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