Gazprombank first reacted to the decline in the key rate of the Central Bank – RBC

Photo: Oleg Yakovlev / RBC

Gazprombank reduced interest rates on ruble and foreign currency deposits of the Bank of Russia after the decision to lower the key interest rate to 12.5%. RIA Novosti deputy chairman Alexander Sobol credit institution.

«We plan to close lower rates on certain loans and retail deposits”, – said Sobolev. He said that the new rates will apply from 1 May. Interest rates on ruble deposits will be lowered to 8,2-12% to 6,6-11% per annum. Interest rates on dollar deposits declined from 2,9-4% to 2,45-3,5%, for deposits in euros – from 2.6-3.1% to 1,95-3%.

According to Sable, the decision to change interest rates on loans will be made after monitoring market interest rates. The deputy chairman of Gazprombank appreciated the decision of the Central Bank to lower its key interest rate as an adequate step. He said that the bank is expected to fall by 1.5-2 pp ..

«The impact [of the decision to reduce the rate of] the revival of credit demand limited, it needs to [decline] an additional 1.5 -2 percentage points, “- said Sobol.

Gazprombank is the third bank assets in Russia.

The Bank of Russia announced the decision to lower the key interest rate from 14 to 12.5% April 30th. Representatives of the regulator explained that the Central Bank was guided by the weakening of inflationary risks, while maintaining a significant risk of cooling the economy. The new rate will take effect on May 5.

«In the face of February-April 2015 the ruble and a significant reduction in consumer demand monthly consumer price inflation declining, there are signs of stabilization in annual inflation,” – said the regulator. According to the forecast of the Central Bank, inflation will be slowing faster than expected – as early as April next year it will drop to less than 8%.

At the same time, according to economists, even when the key rate to 12.5% the cost of credit remains high. “The cycle of lowering bank interest rates began after the January decision of the Central Bank cut the key rate, but their level is still very high,” – said the chief economist for Russia and CIS countries “Renaissance Capital” Oleg Kuzmin.

Predpravleniya Bank “Renaissance Credit “Alexey Levchenko predicted that banks would react with restraint to the reduced rates. “The sharp decline in market interest rates should be expected. Interest rates on deposits decreased and so that is dictated by market conditions. Lending rates will also be adjusted according to market conditions and the overall situation in the economy “- said Levchenko.

The decision of the Bank of Russia coincided with the consensus forecast of economists compiled by RBC on Monday, April 27th. Ruble responded positively to the drop in rates, an increase in relation to other currencies in the course of trading on the Moscow stock exchange.